Portugal passes new IMF rescue program review

WASHINGTON, Feb 13 (AFP): The International Monetary Fund approved Wednesday the disbursement of 910 million euros ($1.24 billion) to Portugal after the country passed the 10th review of its bailout program.
The disbursement took the country a step closer to the May 2014 end of the European Union-IMF rescue program, with the country's finances stabilizing.
But the IMF urged the Portuguese government not to give in to pressure to increase public spending and to keep pushing ahead on structural reforms to its finances.
"The Portuguese authorities' implementation of their Fund-supported program has been commendable," said IMF Deputy Managing Director Nemat Shafik in a statement.
"It will be important to complete fiscal consolidation to put the public debt firmly on a downward path," Shafik said.