Posted by: mulrickillion | December 20, 2011

Press Release: IMF Completes Second Review Under an EFF with Portugal, Approves €2.9 Billion Disbursement

Press Release No.11/474
December 19, 2011

The Executive Board of the International Monetary Fund (IMF) today completed the second review of Portugal’s performance under an economic program supported by a 3-year, SDR 23.742 billion (about €28.0 billion) Extended Fund Facility (EFF). The completion of the review enables the immediate disbursement of an amount equivalent to SDR 2.425 billion (about €2.9 billion), bringing total disbursements under the EFF to SDR 11.503 billion (about €13.6 billion).

The EFF, which was approved on May 20, 2011 (see Press Release No. 11/190) is part of a cooperative package of financing with the European Union amounting to €78 billion over three years. It entails exceptional access to IMF resources, amounting to 2,306 percent of Portugal’s IMF quota, and was approved under the IMF’s fast-track Emergency Financing Mechanism procedures. . . .

Press Release: IMF Completes Second Review Under an EFF with Portugal, Approves €2.9 Billion Disbursement

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