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Portugal completes fifth post-program monitoring mission

Staff Writer | December 10, 2016
Portugal has completed its fifth post-program surveillance and post-program monitoring mission, the Ministry of Finance said.
Europe   $82.68 billion bailout program for Portugal
Since last mission in June, carried out by the country's international lenders, developments have been made in key areas of the Portuguese economy, the ministry said in a statement.

Portugal ended a 78-billion-euro ($82.68 billion) bailout program in 2014, which has since 2011 prevented national bankruptcy.

However, the country is still subjected to regular technical consultations by its international lenders until it pays most of the loans received under its adjustment program.

"The rigorous implementation of the 2016 budget was confirmed, leading the IMF to improve its previous deficit forecast (from 3 percent to 2.6 percent)," the statement said, adding that actions have been taken to stabilize the financial sector and the implementation of the National Reform Program has been detailed.

The statement also noted the "positive behavior of the labor market, namely steady employment growth," highlighting that current unemployment rate stands at 10.5 percent, the minimum since 2009.