“The International Monetary Fund and the European Union announced May 5 a joint financing package worth €78 billion for Portugal, aimed at reigniting growth and employment. Euro area member countries and the EU have pledged a total of €52 billion. The IMF’s contribution will amount to €26 billion, to be provided over three years.”

• Portugal: Fast Facts
• Joint Press Release
• IMF Review of Crisis Programs: “This presentation reviews new non-concessional IMF-supported programs that were started since the global crisis began in 2008. It updates the original crisis programs review paper published in September 2009. The new update confirms the main messages of that paper regarding the original wave of countries that turned to the Fund in the heat of the crisis: the Fund took a more flexible and accommodating role to program design, responding to individual country needs and helping countries to avoid worse economic outcomes during the crisis, with higher and more frontloaded financing.”