IMF releases fresh funds for Portugal as Lisbon passes performance review
July 18, 2012, 12:06 am TWN
WASHINGTON--The International Monetary Fund (IMF) said Monday it was releasing 1.48 billion euros (US$1.82 billion) in new funds to troubled Portugal after Lisbon passed a performance review under its bailout loan program.
The IMF said Lisbon was on track to narrow its fiscal deficit under tough austerity measures required under the 78-billion-euro joint IMF-European Union rescue program launched in May 2011.
"The authorities' strong program implementation, despite the difficult euro-area environment, is commendable, and there are welcome signs of adjustment in the fiscal and external accounts," said International Monetary Fund deputy managing director Nemat Shafik.
"Fiscal consolidation is on track. The end-2012 fiscal target remains within reach, although risks to its attainment have increased on account of weaker revenue performance," he said in a statement.