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IMF Says Open To Review Portugal's Fiscal Targets

Friday, 23 December 2011 | 00:00
The International Monetary Fund expressed openness to review Portugal's fiscal targets, if required, and said the 2012 budget is in line with the program's ambitious targets for fiscal consolidation.
"If the fiscal program is implemented as agreed, if there is no shortfall on measures and expenditure control holds up but there are much stronger headwinds from Europe, then I think one needs to keep an open mind about whether one at that stage would need to relax the fiscal targets," IMF European Department Deputy Director Paul Thomsen said during a conference call.
The 2012 budget is in line with the program's ambitious targets for fiscal consolidation, financial sector policies are being implemented as agreed, and the structural reform program is also off to a good start, the official said while briefing the media on the IMF Executive Board's second review of the Portuguese program that concluded on December 19.
"But if there is a major deterioration in the external environment that really hits growth badly in Portugal, I don't think one can just blindly say we need more fiscal adjustment to keep to the original fiscal targets. One would have to be willing to review that," he said.
It is indeed possible that Portugal will face stronger headwinds from a more difficult situation in Europe, the official added.
Source: RTT News
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