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Lisbon, Portugal

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Portugal Resident Representative Site

Statement by the EC, ECB, and IMF on Portugal

June 12, 2014

Press Release No.14/277

The European Commission, the European Central Bank and the International Monetary Fund take note of the Portuguese government's intention to await the pending Constitutional Court rulings concerning adopted budgetary measures before formulating a comprehensive response. These rulings are not expected before the IMF and EU program expires at the end of June. We take note of the government's decision not to seek an extension of the program and to allow its expiration without completing the 12th and final review and without receiving the associated final tranche.

We welcome the government's firm commitment to identify the measures needed to fill the fiscal gap created by the Constitutional Court rulings, in order to reach the budgetary targets agreed under the program. We encourage the government to continue with the ongoing process of structural reform. Sound economic policies for the medium term will be essential to reinforce the nascent recovery and ensure sustainable growth and job creation. We remain ready to assist the authorities and the Portuguese people as they continue in this effort.

News — Highlights

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Fiscal Issues in Portugal’s EU-IMF Program

by Albert Jaeger, IMF, Lisbon Office at the Joint Vienna Institute (JVI) click for more

Assessing Public Debt Sustainability: The Case of Portugal; by Albert Jaeger

Seminar: Financial Markets and the Evolution of Sovereign Debt Markets—Key Economic and Legal Issues -- Universidade de Lisboa; Lisbon; July 8, 2014 click for more

"Fiscal Strategy 2014-18: Where are we now? What’s left to do? What could go wrong?" Presentation by Resident Representative Albert Jaeger at the Fiscal Strategy Conference, Lisbon School of Economics and Management, Lisbon.

May 12, 2014 click for more

Statement by IMF Managing Director Christine Lagarde on Portugal

May 4, 2014 click for more

Press Line on Evaluation of the Program

April 23, 2014 click for more

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Portugal and The IMF

Press Release: Statement by the EC, ECB, and IMF on Portugal

June 12, 2014

IMF Survey : IMF Must Contribute to Global Fiscal Policy Debate

June 9, 2014
The IMF must provide high-quality fiscal services to its members, especially through technical assistance and capacity building work, says Vitor Gaspar, the new Director of the IMF’s Fiscal Affairs Department. click for more

Transcript of a Press Briefing by Gerry Rice, Director, Communications Department, International Monetary Fund

May 8, 2014

Press Release: Statement by the EC, ECB, and IMF on the Twelfth Review Mission to Portugal

May 2, 2014

Transcript of the Conference Call on the Release of the Staff Report on the 11th Review under the EFF for Portugal

April 21, 2014

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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.