LISBON, Portugal (AP) — Portugal is finding it hard to please the International Monetary Fund.
Despite fighting its way out of a financial crisis, cutting the budget deficit to its lowest level in more than 40 years and boosting growth through exports, the IMF says Portugal must do more.
The IMF said in a report Wednesday that Portugal must reduce its government and corporate debt load. It also warned that investors are wary about how much recapitalization may be required for the battered banking sector.
Still, the institution remarked that the eurozone country’s economy had recorded “a welcome upturn.” That has included unemployment dropping to an eight-year low and growth above the eurozone average.
The IMF took part in a 78 billion-euro ($82 billion) rescue for Portugal in 2011 amid the eurozone debt crisis.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Main Street Minute: Glendale health care campus giving out eclipse glasses
- Trump ends business councils after slew of CEOs drop out
- Pressured by government, Uber agrees to protect rider data
- Main Street Minute: Arizona Make-A-Wish receives generous donation
- Main Street Minute: Scottsdale-based P.F. Chang’s opens in London