IMF releases nearly 4 billion euros of rescue funding to Portugal
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Xinhua, September 13, 2011
The International Monetary Fund (IMF) announced Monday it has completed the first review of Portugal's performance under a multi-year economic program, which enables the immediate disbursement of an amount equivalent to 3. 467 billion IMF special drawing right (SDR), or about 3.98 billion euros, to the nation.
This allocation has brought total IMF disbursements under the Extended Fund Facility (EFF) to 9.078 billion SDR, or about 10.43 billion euros, the Washington-based lender said in a statement.
The EFF, which was approved in May 2011, is part of a global package of financing with the European Union amounting to 78 billion euros over three years in support of Portugal's economic recovery.
Established in 1974, the EFF mechanism is typically three years in duration and aims at providing assistance to countries experiencing serious medium-term payments imbalances due to structural impediments in production and trade.
