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
"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.
Portugal and The IMF
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.
Transcript of a Press Briefing by Gerry Rice, Director, Communications Department, International Monetary Fund
Transcript of the Conference Call on the Release of the Staff Report on the 11th Review under the EFF for Portugal
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.