Portugal: Seventh Review Under the Extended Arrangement and Request for Modification of End-June Performance Criteria—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Portugal

June 13, 2013

Preview Citation

Format: Chicago

Portugal: Seventh Review Under the Extended Arrangement and Request for Modification of End-June Performance Criteria—Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Portugal, (USA: International Monetary Fund, 2013) accessed September 18, 2024

Summary

Portugal's program implementation is on track despite difficult economic conditions and significant legal challenges. The markedly weaker economic outlook provides a strong case for recalibrating the program’s fiscal targets. This strong adjustment effort needs to be consolidated by sustained fiscal structural reforms. Continued vigilance is warranted to secure financial stability. A more competitive economy for sustainable recovery requires addressing nominal rigidities forcefully. Program success also hinges on continued external support and effective crisis management policies at the euro area level.

Subject: Asset and liability management, Banking, Credit, Debt restructuring, Financial institutions, Fiscal stance, Loans, Money, Public debt, Securities

Keywords: Core solvency ratio, CR, Credit, Debt restructuring, EFF arrangement, Executive board discussion, Global, IMF quota, Implementation, ISCR, Loans, Recapitalization process, Reform, Restructuring plan, SDR, Securities

Publication Details

Pages:

98
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/160
Stock No:

1PRTEA2013004
ISBN:

9781484369975
ISSN:

1934-7685

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