Finance: Ministers approve updated stability programme of Portuguese
The finance ministers of the European Union will today in Brussels, to give their endorsement to the policy outlined by the government budget, approving the Stability Program (SGP) updated Portuguese submitted by Lisbon last December.
The "Opinion" to be approved concludes that the budgetary strategy of the Portuguese Government "is consistent with a correction of the excessive deficit by 2008".
A copy of the document obtained by the agency Lusa Portuguese acknowledges that the program aims to continue the fiscal consolidation in the medium term, including the achievement of the MTO (Medium-Term Goal of the balanced budget) by 2010 and predicts that the ratio of general government debt follow a path downward throughout the planning period.
The 27 warn that the achievement of these goals depends on the "effective implementation of the measures announced in the programme" and may require "additional efforts", particularly given the risk of economic growth lower than projected. "
Indeed, the 27 will endorse / approve the PEC updated, covering the period 2007-2011, presented by Lisbon on December 14, 2007.
The 27 will "invite" Portugal to "implement with determination the planned fiscal consolidation" in the PEC updated to ensure the correction of the excessive deficit.
We also encourage Lisbon to "complete the adjustment towards the MTO, if necessary by strengthening of the measures."
Given also the risks that weigh on the sustainability of public finances, the 27 will advise Lisbon to ensure a rapid reduction of the debt / GDP ratio, particularly by continuing to focus on reducing the budget deficit any results more favourable than those provided.
Finally, the EU finance ministers will ask the Portuguese responsible for "maintaining the moderation of expenditure and enhancing the quality of public expenditure."
The SGP updated predicts that the overall deficit of the government should gradually decrease of 3 percent of GDP in 2007 to 2.4 in 2008, 1.5 in 2009, 0.4 in 2010 and, finally, 0.2 of GDP in 2011.
Portuguese The program also provides that the general government debt, estimated at 64.4 percent in 2007, fall to the benchmark of 60 percent in 2010.
The European Union decided on September 20, 2005 to three years from Portugal, until 2008, to correct the situation of "excessive deficit" detected by Lisbon.
Portugal undertook, by 2008, to reduce the budget deficit to an amount below the ceiling of 3.0 percent of GDP, a measure imposed by the Stability and Growth Pact EU.
The government announced last October that it would achieve that goal already in 2007 and the European Commission, in its Autumn Economic Forecasts, noted that believed that this amount would be reached
The "Opinion" to be approved concludes that the budgetary strategy of the Portuguese Government "is consistent with a correction of the excessive deficit by 2008".
A copy of the document obtained by the agency Lusa Portuguese acknowledges that the program aims to continue the fiscal consolidation in the medium term, including the achievement of the MTO (Medium-Term Goal of the balanced budget) by 2010 and predicts that the ratio of general government debt follow a path downward throughout the planning period.
The 27 warn that the achievement of these goals depends on the "effective implementation of the measures announced in the programme" and may require "additional efforts", particularly given the risk of economic growth lower than projected. "
Indeed, the 27 will endorse / approve the PEC updated, covering the period 2007-2011, presented by Lisbon on December 14, 2007.
The 27 will "invite" Portugal to "implement with determination the planned fiscal consolidation" in the PEC updated to ensure the correction of the excessive deficit.
We also encourage Lisbon to "complete the adjustment towards the MTO, if necessary by strengthening of the measures."
Given also the risks that weigh on the sustainability of public finances, the 27 will advise Lisbon to ensure a rapid reduction of the debt / GDP ratio, particularly by continuing to focus on reducing the budget deficit any results more favourable than those provided.
Finally, the EU finance ministers will ask the Portuguese responsible for "maintaining the moderation of expenditure and enhancing the quality of public expenditure."
The SGP updated predicts that the overall deficit of the government should gradually decrease of 3 percent of GDP in 2007 to 2.4 in 2008, 1.5 in 2009, 0.4 in 2010 and, finally, 0.2 of GDP in 2011.
Portuguese The program also provides that the general government debt, estimated at 64.4 percent in 2007, fall to the benchmark of 60 percent in 2010.
The European Union decided on September 20, 2005 to three years from Portugal, until 2008, to correct the situation of "excessive deficit" detected by Lisbon.
Portugal undertook, by 2008, to reduce the budget deficit to an amount below the ceiling of 3.0 percent of GDP, a measure imposed by the Stability and Growth Pact EU.
The government announced last October that it would achieve that goal already in 2007 and the European Commission, in its Autumn Economic Forecasts, noted that believed that this amount would be reached
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