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IMF Board Approves $36.8 Billion Loan to Portugal

Posted By admin On May 21, 2011 @ 5:25 am In Money Watch | Comments Disabled

Sandrine Rastello
Bloomberg [1]
May 21, 2011

The International Monetary Fund approved a 26 billion-euro ($36.8 billion) loan to Portugal as part of a joint bailout with the European Union in the latest effort to stem the region’s sovereign debt crisis.

The Washington-based institution will make 6.1 billion euros available immediately, the fund said in an e-mailed statement today. The IMF followed European officials, who on May 16 endorsed the 78-billion ($110 billion) joint package.

“The Portuguese authorities have put forward a program that is economically well-balanced and has growth and job creation at its center,” Acting Managing Director John Lipsky said in the e-mailed statement today. “It addresses the fundamental problem in Portugal – low growth – with a policy mix based on restoring competitiveness through structural reforms, ensuring a balanced fiscal consolidation path, and stabilizing the financial sector.”

Full article here [1]

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[1] Bloomberg: http://www.bloomberg.com/news/2011-05-20/imf-board-approves-36-8-billion-loan-to-portugal.html

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