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Portugal completes fifth post-program monitoring mission

Xinhua, December 9, 2016 Adjust font size:

Portugal has completed its fifth post-program surveillance and post-program monitoring mission, the Ministry of Finance said here Thursday.

Since last mission in June, carried out by the country's international lenders, developments have been made in key areas of the Portuguese economy, the ministry said in a statement.

Portugal ended a 78-billion-euro (about 82.68 billion U.S. dollars) bailout program in 2014, which has since 2011 prevented national bankruptcy.

However, the country is still subjected to regular technical consultations by its international lenders until it pays most of the loans received under its adjustment program.

"The rigorous implementation of the 2016 budget was confirmed, leading the IMF to improve its previous deficit forecast (from 3 percent to 2.6 percent)," the statement said, adding that actions have been taken to stabilize the financial sector and the implementation of the National Reform Program has been detailed.

The statement also noted the "positive behavior of the labor market, namely steady employment growth," highlighting that current unemployment rate stands at 10.5 percent, the minimum since 2009.

Portugal registered the highest third quarter growth rate of 1.6 percent in the euro zone, which reflected the acceleration in economic growth, according to the statement.

"In 2017, the government will carry on the rigorous management of public accounts and the implementation of competitiveness-fostering policies, with the goal of promoting sustained and inclusive growth in the medium and long term," it said.

However, in another statement released on Thursday, the European Central Bank (ECB) pointed out that the recovery "continues to be held back by elevated levels of debt in the private and public sector, high non-performing loans and rigidities in product and labor markets."

The ECB said in line with the Portuguese authorities' commitments to fiscal consolidation, efforts must continue to ensure sustainable debt reduction, and to pursue prudent fiscal policy and ambitious growth-enhancing reforms.

The latest monitoring mission in Portugal took place from Nov. 26 to Dec. 7. Endi