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Major efforts needed from Portugal in exchange for bailout: EU, IMF

05-06-2011 10:02 BJT

BRUSSELS, May 5 (Xinhua) -- Portugal faced big challenges and major efforts were needed from its people in exchange for a bailout, the European Union (EU) and International Monetary Fund (IMF) said Thursday.

"The Portuguese economy faces considerable challenges and we believe that the bold steps being undertaken will enable it to get back on track. The program's success will require a truly national effort," said a joint statement by Olli Rehn, Euorpean Comissioner for Economic and and Monetary Affairs, and IMF Managing Director Dominique Strauss-Kahn.

"The total financial support being provided -- 78 billion euros (116 billion U.S. dollars) -- from the European Union and the IMF clearly indicates the international community's commitment to help ensure that Portugal will succeed," it said.

The statement said the program was built on three pillars: pro-growth measures aimed at increasing the country's competitiveness, fiscal consolidation measures to reduce public deficit and debt, and measures aimed at ensuring stability of the country's financial sector.

"We recognize that this program will require major efforts from the Portuguese people," it said. "In this context, we strongly support the authorities' intention to protect the most vulnerable groups and to ensuring that it is implemented in a socially balanced way."

The statement expressed confidence the country could rise to the challenges.


Editor:Du Xiaodan |Source: Xinhua

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