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IMF urges Portugal to continue reform

12-20-2011 14:28 BJT

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The IMF says it is critical for Portugal to push through its ambitious fiscal program and economic reforms in the face of a weakening global economy. The Fund also says state support for bank recapitalization may be needed despite strong efforts to raise capital from private sources.

As Portugal cannot devalue its currency to become more competitive, its IMF-EU economic program resorts to "fiscal devaluation" - that is, cutting employers’ payroll taxes to reduce the cost of labor and increasing value-added tax.

The IMF also says Portugal’s decision to not implementing fiscal devaluation created a gap in its reform agenda, and the country needs to find alternative measures to make up for that.

The IMF earlier approved a loan instalment of 2.9 billion euros, or nearly 3.8 billion dollars, to the country.


Editor:Zhang Rui |Source: CNTV.CN

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