The report assesses compliance with the terms and conditions set out in the Memorandum of Understanding as updated following the combined Eighth and Ninth Reviews of the Portuguese Economic Adjustment Programme. The assessment is based on the findings of a joint European Commission (EC)/European Central Bank (ECB)/International Monetary Fund (IMF) staff mission to Lisbon between 2 December and 16 December 2013.
The mission concluded that the programme implementation is broadly on track. The end-2013 fiscal deficit target of 5.5 percent of GDP is well within reach. Most of the economic indicators point to an economic recovery and the authorities are committed to implement the required fiscal and structural reforms to recuperate sustainable growth.
The Programme’s financing envelope remains sufficient. Approval of the conclusions of this review will allow the disbursement of EUR 2.7 billion (EUR 1.8 billion by the EU and EUR 0.9 billion by the IMF), bringing the total amount disbursed to Portugal to EUR 74 billion representing roughly 94 percent of total available financial assistance.