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IMF releases $1.3 billion for Portugal programme

Published on Jan 17, 2013 5:53 AM
A man walks by a mural on the streets of Moita, on the outskirts of Lisbon January 16, 2013. The mural depicts a representative (left) of Portugal's EU/IMF creditors asking an assistant, "What is left to own in Portugal?" The words on the right use the Portuguese acronym for "IMF" to spell out the words, "Hunger, Misery, Meddling". -- PHOTO: REUTERS

WASHINGTON (AFP) - The IMF on Wednesday released 838.8 million euros (S$1.36 billion) in bailout funds to Portugal after a review of the country's program to restructure its finances.

The newest release in its three-year, 27.51 billion euro aid programme for Portugal came four days after International Monetary Fund chief Christine Lagarde said the country is "on the right track" in meeting economic reform targets set by its international creditors in exchange for rescue funding.

Total disbursements under IMF loan plan launched in May 2011 have now reached about 22.16 billion euros.

In an interview broadcast on Saturday, Ms Lagarde told the Portuguese weekly Expresso: "The program is on the right track. A significant part of fiscal adjustment has been carried out."

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