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Portuguese gov't approves budget implementation decree

Xinhua, March 31, 2016 Adjust font size:

The Portuguese government on Thursday approved a decree with budgetary execution norms for the state budget for 2016.

The decree was approved by a cabinet meeting and establishes rules for budgetary execution in 2016, including "rigorous measures for implementation and monitoring of the budget," according to a statement released by the council of ministers.

The decree was approved on the same day the country's state budget for 2016 comes into effect, which was enacted by center-right President Marcelo Rebelo de Sousa on Monday.

Portugal's new Socialist government, backed by the radical leftist parties, has claimed it will "turn a page on austerity" after several years of harsh measures implemented under a 78 billion euros (88.87 billion U.S. dollars) bailout program the country signed in 2011 to avoid bankruptcy.

Measures in the state budget for 2016 include restoring public workers' pay while raising indirect taxes on products like alcohol and tobacco, and restoring four public holidays.

Rebelo de Sousa called for the government to comply rigorously with budget implementation and admitted on Monday that the economic forecasts in the budget carried great uncertainty.

The country's state budget for 2016 predicts the budget deficit will be cut to 2.2 percent of GDP after reaching 4.3 percent of GDP last year.

Portugal has had to bow to EU pressure to lower its deficit, after its budget was considered too optimistic. Endit