IMF Completes Review of Program For Portugal, Frees Up $1.82 Billion

The International Monetary Fund July 16 said it has completed the fourth review of the economic program for Portugal that is backed by an IMF three-year loan, effectively freeing up a disbursement of 1.48 billion euros (about $1.82 billion).

Approved in May of last year, the IMF’s 29.3 billion euro loan ($35.9 billion) is part of a larger package involving the European Union and totaling 78 billion euros ($95.7 billion).

The IMF executive board found that Portugal’s fiscal consolidation is on track.

“Given the daunting challenges that Portugal still faces, it will be important to maintain the commitment to strong ...