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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.”

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IMF Board Approves $36.8 Billion Loan to Portugal 260310banner2 [3]

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URLs in this post:

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

[2] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[3] Image: http://purewaterfreedom.com/

[4] IMF Will Work on Portugal Bailout Plan With European Union: http://www.prisonplanet.com/imf-will-work-on-portugal-bailout-plan-with-european-union.html

[5] U.S. extends $4 billion loan guarantees to Israel: http://www.prisonplanet.com/u-s-extends-4-billion-loan-guarantees-to-israel.html

[6] Egypt May Be Forced to Seek $3 Billion IMF Loan It Rejected: Arab Credit: http://www.prisonplanet.com/egypt-may-be-forced-to-seek-3-billion-imf-loan-it-rejected-arab-credit.html

[7] U.S. Gov’t Agency Plans $2.84 Billion Loan for Oil Refinery—In Colombia: http://www.prisonplanet.com/u-s-govt-agency-plans-2-84-billion-loan-for-oil-refinery%e2%80%94in-colombia.html

[8] House approves $96.7 billion to fund wars: http://www.prisonplanet.com/house-approves-967-billion-to-fund-wars.html

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