Portugal to repay IMF bailout loans early

GMT 13:10 2015 Wednesday ,21 January

Arab Today, arab today Portugal to repay IMF bailout loans early

Maria Luis Albuquerque
Lisbon - AFP

Portugal will be able to repay IMF bailout loans early after regaining access to financial markets, Finance Minister Maria Luis Albuquerque announced Wednesday.
Six weeks after Ireland moved to get out from under its bailout debts, Lisbon will "begin the necessary steps" to accelerate the repayment of 25 billion euros ($29 billion) to the International Monetary Fund, she told a parliament committee.
The plan will need the approval of both the IMF and co-lender the European Union.
Portugal, which exited a three-year, 78-billion-euro bailout programme last May, has "very large liquidity reserves that will allow it to weather any volatile periods with serenity," Albuquerque said.
She also pointed to a successful 30-year bond issue on January 13 that allowed Lisbon to raise 2.0 billion euros at 4.131 percent interest.
She said it was "further proof of the renewed credibility that Portugal has enjoyed in recent years."
Ireland, rescued from the brink of bankruptcy in 2010, announced in early November that it will repay 9.0 billion euros of its IMF bailout loans early thanks to a solid recovery.
It was the first eurozone country to be able to exit an IMF-EU bailout, in December 2013.

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