Portugal passes news IMF rescue review

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Washington - The International Monetary Fund approved Wednesday the disbursement of a fresh 910 million euros ($1.24 billion) to Portugal after the country passed the 10th review of its bailout program.

The newest disbursement came as Lisbon looked toward the end of the three-year 78 billion euro EU-IMF rescue launched in May 2011.

On Tuesday, the government demonstrated the progress it has made in restructuring its finances, successfully raising 3 billion euros in financing from the commercial debt market.

It was a key test of whether the country can exit the EU-IMF bailout program cleanly in May. - Sapa-AFP


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