IMF: Portugal's recovery is on track, more reforms needed

  • 2/5/2023
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LISBON, Portugal, Shawwal 21, 1436, Aug 6, 2015, SPA -- The International Monetary Fund's latest report card on Portugal continues a familiar theme from the past four years: Has improved, but must be better, AP reported. The IMF was a contributor to Portugal's 78 billion euros ($85 billion) bailout in 2011, when the eurozone financial crisis was in full swing. Since then it has monitored Portugal's progress on reducing debt and enacting reforms it says will make the economy stronger. On the plus side, the IMF said Thursday the economy continues its slow recovery. Growth of 1.6 percent is expected this year. However, the IMF says public and private debt is still too high, with government debt forecast to fall slightly this year to 127 percent of gross domestic product. It says Portugal must press ahead with labor and public sector reforms. --SPA 22:11 LOCAL TIME 19:11 GMT www.spa.gov.sa/w

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