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Portugal: Fast Facts

Last Updated: August 05, 2013

Oriente Station in Lisbon. Reforms are needed in the public sector, including in transportation enterprises (photo: John & Lisa Merrill/Newscom)

IMF Completes Fourth Review Under an EFF Arrangement with Portugal, Approves €1.48 Billion Disbursement

The Executive Board of the IMF today completed the fourth review of Portugal's performance under an economic program supported by a 3-year, about €29.27 billion Extended Fund Facility (EFF) arrangement. The completion of the review enables the immediate disbursement of an amount equivalent to €1.48 billion, bringing total disbursements under the EFF arrangement to about €21.13 billion. Click for more

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News

The Central Role of Structural Reforms in Portugal's Economic Program

January 21, 2012

Good Progress But Testing Times Ahead For Portugal

December 22, 2011

Transcript of a Conference Call on the Second Review of the IMF-Supported Program with Portugal

December 21, 2011

Portugal: Second Review Under the Extended Arrangement

December 20, 2011

IMF Completes Second Review Under an EFF with Portugal, Approves €2.9 Billion Disbursement

December 19, 2011

Interview with Poul Thomsen -- Expresso

November 19, 2011

Statement by the EC, ECB, and IMF on the Second Review Mission to Portugal

November 16, 2011
Webcast of the Joint EC/ECB/IMF (Troika) Press Conference

Country Report: First Review Under the Extended Arrangement

September 13, 2011

Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding

September 13, 2011

IMF Completes First Program Review and Approves €3.98 Billion Disbursement

September 12, 2011

Statement by the EC, ECB, and IMF on the First Review Mission to Portugal

August 12, 2011
Webcast of the Joint EC/ECB/IMF (Troika) Press Conference
TVI Interview with Poul Thomsen, IMF Mission Chief to Portugal

Country Report: Request for a Three-Year Arrangement Under the Extended Fund Facility

June 7, 2011

Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding

June 1, 2011

Transcript of a Conference Call with IMF Mission Chief Poul Thomsen on the IMF Executive Board’s Approval of an Extended Fund Facility for Portugal

May 20, 2011

IMF Approves €26 Billion Loan for Portugal

May 20, 2011

IMF Outlines Joint Support Plan with EU for Portugal

May 6, 2011

Webcast: Joint EC / ECB / IMF (Troika) Press Conference

May 5, 2011

Statement on Portugal by IMF Managing Director Dominique Strauss-Kahn and European Commissioner for Economic and Monetary Affairs Olli Rehn

May 5, 2011

IMF Reaches Staff-Level Agreement With Portugal on a €26 Billion Extended Fund Facility Arrangement

May 5, 2011

Podcast: IMF Managing Director Dominique Strauss-Kahn Interview with TVI

April 14, 2011

Transcript: IMF Managing Director Dominique Strauss-Kahn Interview with TVI

April 14, 2011

IMF Experts to Join EC and ECB Teams in Upcoming Technical Assessment on April 12

April 10, 2011

Statement by IMF Managing Director Dominique Strauss-Kahn on Portugal

April 8, 2011

Portugal in 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.

Latest Article IV Consultation

The IMF conducts regular assessments of its members’ economic policies called Article IV consultations. Portugal’s most recent Article IV was concluded on January 20, 2010. The staff report and the Executive Board assessment were published:

Portugal: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Portugal

Executive Board Assessment

Financial Engagements with Fund

Portugal has had two economic programs that were supported financially by the IMF.

In 1977-78, Portugal requested assistance to mitigate deficits and sharp increases in unemployment, energy prices, and inflationary pressures, amidst political and social changes and a global recession. In 1977, it drew SDR42.4 million of its first credit tranche under a Stand-By Arrangement (SBA) and in 1978 requested a SBA in the second tranche for SDR 57.4 million. The amount of financing provided under these two arrangements totaled SDR 99.8 million (equivalent to €111 million and US$158 million at current exchange rates).

In 1983, Portugal requested IMF support to cope with a recession, high interest rates abroad, trade imbalances, and high deficits. Financial assistance totaled SDR499.6 million (SDR445 million provided through a SBA plus a drawing under the now defunct Compensatory Financing Facility of SDR54.6 million.) At current exchange rates, the total financing would amount to about €555 million or US$793 million.

The total amounts outstanding were paid back in full.

Factsheets

Portugal and the IMF

iMFDirect Blog

Multimedia

From Crisis to Cooperation (Português)

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Lending Map

Click on the map for a quick overview of the IMF’s current lending arrangements in Europe.