Memo: Statement by the European Commission, ECB, and IMF on the Twelfth Review Mission to Portugal

Staff teams from the European Commission, European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon from 22 April to 2 May 2014 for the 12th and final review of Portugal’s economic adjustment programme. Discussion with the authorities also focused on the remaining challenges after the end of the programme.

The mission concluded that the economic recovery is broadening. Exports continue to drive economic growth, while private investment and consumption also started to pick up. Unemployment is expected to decline further, in line with the moderate economic recovery expected in 2014 and 2015. The programme remains on track to be concluded, following the completion of this final review. The programme has put the Portuguese economy on a path towards sound public finances, financial stability and competitiveness. This is the outcome of solid programme implementation which at times has implied unavoidable sacrifices by the Portuguese people.

With the programme ending, it will be essential that Portugal commits to sound economic policies for the medium term. The currently favourable economic and financial conditions should not lead to complacency.

ESO: Background information: Statement by the EC, ECB and IMF on the Eleventh Review Mission to Portugal http://www.europeansources.info/record/statement-statement-by-the-ec-ecb-and-imf-on-the-eleventh-review-mission-to-portugal/

ESO: Background information: IMF: Portugal bailout to end in May / Portugal celebrates successful return to bond market http://www.europeansources.info/record/imf-portugal-bailout-to-end-in-may-portugal-celebrates-successful-return-to-bond-market/

EUObserver, 01.05.14: Portugal expected to exit bailout without further loans http://euobserver.com/economic/123977

European Commission: DG Economic and Financial Affairs: EU Economic Situation: Economies of the EU Member States: Portugal http://ec.europa.eu/economy_finance/eu/countries/portugal_en.htm

European Commission: DG Economic and Financial Times: Financial assistance in EU Member States: Portugal http://ec.europa.eu/economy_finance/assistance_eu_ms/portugal/index_en.htm

IMF: Portugal and the IMF http://www.imf.org/external/country/prt/index.htm

Jornal de Negócios, 02.05.14: Portugal sugarcoating austerity measures (via Euro|Topics) http://www.eurotopics.net/en/home/presseschau/archiv/aehnliche/archiv_article/ARTICLE142765-Portugal-sugarcoating-austerity-measures

---