Brussels, 20/11/2012 (Agence Europe) - Portugal's troika of lenders (the European Commission, International Monetary Fund and European Central Bank) gave another positive assessment on Monday 19 November of Portugal's structural adjustment programme, thus paving the way for a new batch of aid, €2.5 billion (part of the total aid package of €78 billion earmarked for Portugal in May 2011), explained the troika in a press release on Monday. The troika experts were in Portugal from 12 to 19 November and said that the Portuguese programme was broadly on track, despite some strong turbulence. The troika experts pointed to the rise in unemployment (currently standing at 15.8% of the working population), low income and the way the recession in the eurozone is starting to hamper exports. The troika press release says that the adjustment programme is still suitable, however. The latest statistics show that after a recession of 3% in 2012, Portuguese GDP should fall by 1% in 2013, returning to the black by the end of the year, with GDP expected to rise by 0.8% in 2014.
Euro Commissioner Olli Rehn welcomed the results, stressing the ambitious economic reforms that are boosting competitiveness whilst the country returns to healthy finances. Rehn said that confidence in Portugal is rising, which bodes well for it returning to the capital markets at the end of 2013. He said he was aware of how tough the austerity measures were for many Portuguese inhabitants, especially people who have lost their job during the crisis, but called on the country to remain determined and for the key players - government, opposition and trade unions - to continue with their consensus about the reforms
The troika will return to Portugal in February 2013 for its seventh fact-finding mission. (SP/transl.fl)