Portugal to receive USD1.18b in loan funds

(MENAFN) The International Monetary Fund (IMF) had completed its 11th evaluation of Portugal and plans to release a new tranche of USD1.18 billion in loan funds, Xinhua reported. The IMF board reviewed whether Portugal was on the right path in implementing its adjustment program and approved austerity measures to cut its deficit to 2.5 percent of GDP in 2015. The IMF said: "The short-term macroeconomic outlook has continued to improve and the program is on track, underpinned by a sizable budgetary over-performance in 2013." The latest tranche is part of a USD108 package signed by Portugal with its international lenders in May 2011