A joint mission from the European Commission, the European Central Bank and the International Monetary Fund met with the Portuguese authorities in Lisbon between 2 December and 16 December 2013 to assess compliance with the terms and conditions established in the eighth update of the Memorandum of Understanding under the Programme for Portugal. The objectives of the Programme are to restore sound public finances, improve competitiveness and put Portugal’s economy back on the path of sustainable growth and job creation. The report provides a deep assessment of compliance and summarises the main findings of the mission.
The mission concluded that the programme implementation is broadly on track. The Portuguese authorities remain perseverant to complete the indispensable fiscal adjustment and to implement relevant structural reforms. Most of the economic indicators show signs of recovery and further gains in export market shares drive the ongoing external adjustment.
Approval of the conclusions of this review will allow the disbursement of €2.7 billion under the Economic Adjustment Programme. So far, €74 billion has been disbursed, representing around 94 per cent of total available financial assistance.
© European Commission
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