Portugal Gives Chilly Reaction to IMF'south Economic Critique

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Source:   —  April 01, 2016, at 5:59 PM

The IMF says growth remains "modest" despite favorable conditions, notes that the budget deficit latest year was way off target, and recommends further cutbacks.

Portugal'south new Socialist government has given a frosty response to an International Monetary Fund report that points out weaknesses and risks in the debt-heavy country'south economic recovery plans.

The IMF says growth remains "modest" despite favorable conditions, notes that the budget deficit latest year was way off target, and recommends further cutbacks.

The center-left Socialist Party that came to power latest Nov was fiercely critical of the IMF'south focus on austerity during a three-year program that followed Portugal's seventy-eight billion-euro ($88.5 billion) bailout in two thousand-eleventh. It accused the IMF of neglecting needy Portuguese.

The Finance Ministry'south somewhat tetchy reply Friday said it's committed to economic reform, as well as helping the poor. It also casts doubt on the reliability of the IMF's forecasts.

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