Portugal Resident Representative Site
IMF Completes Seventh Review Under an EFF Arrangement with Portugal, Approves €657.47 Million Disbursement
June 12, 2013
The Executive Board of the International Monetary Fund (IMF) today completed the seventh review of Portugal’s performance under an economic program supported by a 3-year, SDR 23.742 billion (about €27.19 billion) Extended Fund Facility (EFF) arrangement. The completion of the review enables the immediate disbursement of an amount equivalent to SDR 574 million (about €657.47 million), bringing total disbursements under the EFF arrangement to SDR 19.700 billion (about €22.56 billion).
News — Highlights
In response to media queries regarding the mission chief for Portugal, the IMF issued the following statement today: Subir Lall, Assistant Director in the IMF European Department and currently mission chief for Germany and the Netherlands, has been appointed mission chief for Portugal.
In response to media queries on the staff report on the seventh review under the EFF for Portugal issued June 13, 2013, IMF Mission Chief Abebe Aemro Selassie issued the following statement in Washington today:
Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon during February 25-March 14 for the seventh quarterly review of Portugal’s economic adjustment program.
Portugal and The IMF
Transcript of a Press Briefing by Gerry Rice, Director, Communications Department, International Monetary Fund
Portugal - Transcipt of a Conference Call on the Release of the Staff Report on the 8th and 9th Review under the EFF
Portugal: Eighth and Ninth Reviews Under the Extended Arrangement and Request for Waivers of Applicability of End-September Performance Criteria
November 13, 2013
Series: Country Report No. 13/324
Press Release: IMF Completes Eighth and Ninth Reviews Under an EFF Arrangement with Portugal, Approves €1.91 Billion Disbursement
Portugal -- Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding, October 24, 2013
October 24, 2013
PDF File Size: 437Kb
Portugal and the IMF
- Member since March 29, 1961
- Quota: SDR1029.7 million (equivalent to €1144million, US$1,635 million at current exchange rates)
Each member country of the IMF is assigned a quota, based broadly on its relative position in the world economy. A member country's quota determines its maximum financial commitment to the IMF, its voting power, and has a bearing on its access to IMF financing.
- Portugal is represented in the Executive Board of the IMF in a group of countries led by Italy and also includes Albania, Greece, Malta, San Marino, and Timor-Leste.
The Executive Board is responsible for conducting the day-to-day business of the IMF. It is composed of 24 Directors, who are appointed or elected by member countries or by groups of countries. The Managing Director serves as its Chairman. The Board usually meets several times each week. It carries out its work largely on the basis of papers prepared by IMF management and staff.
- In addition to quota resources, Banco de Portugal has contributed to the New Arrangement to Borrow with a credit line of up to SDR 1542.13 million.