The International Monetary Fund today released €851 million to Portugal as the results of the 11th review of the bailout programme were approved.
The IMF today concluded the 11th review and "approved the request for an extension of the financial assistance agreement until June 30, 2014, for technical reasons."
The decision by the Governing Board of the IMF comes after the Portuguese government this week approved cut backs for 2015 that will save €1,400 million, mostly from reductions in ministry expenditure.
Other measures still have to be worked out such as what to do about the ‘temporary’ cuts to pensions and civil servants' salaries. The final measures will be contained in a Fiscal Strategy Document that will be discussed at the 12th and final evaluation with the Troika that begins on April 22nd.
Despite the forthcoming final departure of the Troika there is still one more dollop of money to come in to ensure the country is fully in hock to its international partners for the next several decades.
With the payment of today's tranche the total amount borrowed from the IMF by Portugal, and repayable by its taxpayers, is €25,680 million, the IMF being but one third of the Troika which between its institutions will have stumped up around €72 billion.
