Portugal: Tenth Review Under the Extended Arrangement and Request for Waivers of Applicability of end-December Performance Criteria
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Summary:
This paper discusses Portugal’s Tenth Review Under the Extended Arrangement and Request for Waivers of Applicability of End-December Performance Criteria (PCs). The short-term outlook for Portugal has improved and program implementation remains on track, notwithstanding another adverse Constitutional Court ruling. Stronger domestic demand is supporting a pickup in activity and lower unemployment. A broad-based recovery in sentiment has led to a decline in yields, allowing Portugal to issue a five-year bond on favorable terms. The end-September 2013 quantitative PCs were met, and preliminary estimates suggest that the end-December 2013 targets were also met. The IMF staff supports the authorities’ request for completion of the 10th review and for waivers of applicability of the end-December PCs.
Series:
Country Report No. 2014/056
Subject:
Banking Credit Economic sectors Financial institutions Labor Loans Money Public debt Public sector Stress testing
English
Publication Date:
February 19, 2014
ISBN/ISSN:
9781484307731/1934-7685
Stock No:
1PRTEA2014001
Pages:
94
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