Portugal Resident Representative Site
IMF Completes Sixth Review Under an EFF Arrangement with Portugal, Approves €838.8 Million Disbursement
January 16, 2013
The Executive Board of the International Monetary Fund (IMF) today completed the sixth review of Portugal’s performance under an economic program supported by a 3-year, SDR 23.742 billion (about €27.51 billion) Extended Fund Facility (EFF) arrangement.
News — Highlights
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.
2012 Article IV Consultation and Sixth Review Under the Extended Arrangement and Request for Waivers of Applicability of End-December Performance Criteria
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.