EU/IMF Approve EUR11.5 Bln Portugal Aid
2011-08-12 16:40:11
A joint mission of the European Commission, the European Central Bank and the International Monetary Fund agreed on Friday to endorse the disbursement of EUR 11.5 billion to Portugal.
Following the conclusion of the first review mission to Portugal, the troika said the Portugal government's economic program is on track. "The success of the program hinges above all on the opening of the economy to competition," they said in a statement.
European Union and IMF had announced a EUR78 billion three-year bailout package for Portugal. The latest disbursement would take place in September, following the approval of the IMF Executive Board and ECOFIN as well as the Eurogroup.
The next quarterly program review by the joint mission is expected to take place in November.