The European Union Tuesday welcomed the conclusions by inspectors from the EU, European Central Bank and International Monetary Fund that the country’s programme to deal with the debt crisis is on track.
“Portugal is making steady progress to restore fiscal sustainability, and to boost growth and jobs,” said EU Commissioner for economic and monetary affairs Olli Rehn in a statement.
“Concerning the current economic forecast for Portugal, most of the adjustment is expected for 2011 and 2012, and the economy should start expanding again from next year,” he added.
Inspectors from the so-called Troika had been in Lisbon to assess if the country was impelenting the austerity programme as demanded by the three lenders.
The positive assessment paves way for Portugal to receive the next tranche of 14 billion euros from a total of a 78 billion euro bailout fund.