67457
Portugal Makes Early Repayment  to IMF
Portugal Makes Early Repayment  to IMF

Portugal Makes Early Repayment to IMF

Portugal Makes Early Repayment to IMF

Portugal has made an early repayment of €1 billion ($1.14 billion) to the International Monetary Fund and intends to repay a further €2.6 billion of bailout loans by August, the government said Friday, AFP reported. As part of a bailout in 2011, Portugal was loaned €29.6 billion by the IMF, more than half of which has already been repaid. But Lisbon aims to reduce interest on borrowings with further early payments. The IMF interest currently stands at 4.6%, compared to available market rates of 3% over 10 years. “The early repayment to the IMF is significant in improving the viability of debt by reducing its cost,” the finance ministry said in a statement. Once the next €2.6 billion sum is repaid, €10.4 billion of debt will remain to be repaid, according to the government. Portugal is riding the wave of the eurozone recovery with a pickup in investment and expanding exports that are expected to lift growth by 2.5% this year, the former bailout country’s best performance for more than two decades, the IMF Fund said on Friday.

 

Short URL : https://goo.gl/C4tJqX
  1. https://goo.gl/BVKatZ
  • https://goo.gl/P2V14S
  • https://goo.gl/BWtqae
  • https://goo.gl/CPGhVV
  • https://goo.gl/rNyza4

You can also read ...

Cyber threats are ever-evolving.
The White House released a report that found that the economic...
Global Investors Target Zimbabwe Energy Sector
Zimbabwe has become a magnet for billionaire global firms such...
FAO regional representative Julio Berdegue (R), and the deputy regional representative Eve Crowley.
Identifying territories where rural poverty is most entrenched...
BSP said the planned RRR cuts are part of the bank’s financial market reforms.
The Bangko Sentral ng Pilipinas said it was reducing banks’...
Lagarde Backs Creation of European Monetary Fund
International Monetary Fund chief Christine Lagarde has no...
The country’s GDP grew by 3.2% in 2017 but will  edge down in the coming years.
A report by the International Monetary Fund showed Sunday that...
Asean Labor Flows Hit a Wall
Tighter restrictions on foreign labor in Malaysia and Thailand...
Baby-boomers will start turning 75 or older in 2022, which is expected to trigger a surge in health care and nursing care costs.
Amid stalling inflation and ballooning government spending,...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus