The economic adjustment programme for Portugal 2011-2014

This report has been prepared to provide a general overview and assessment of the performance of the Portuguese economy under the EU/IMF adjustment programme and the remaining challenges ahead. Portugal’s recent exit from the Programme implied the lapsing of the 12th and final review of programme implementation. In consequence, the final compliance report under the Programme – which was intended to also provide a more holistic review of programme implementation since May 2011 – could not be presented. Accordingly, this report has been prepared, on a sui generis basis, to describe the progress throughout the Programme under various key headings, notably the adjustment in the macro-economy, the consolidation of public finances, stabilisation and reinforcement of the financial sector, and structural reforms