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Portugal pays off 1 bln euros of IMF loans, plans more
June 30, 2017 / 2:52 PM / 5 months ago

Portugal pays off 1 bln euros of IMF loans, plans more

LISBON, June 30 (Reuters) - Portugal has made an early repayment to the IMF of 1 billion euros of bailout loans, and intends to repay early another 2.6 billion euros by August, the finance ministry said on Friday.

The ministry said the early payments would have no impact on planned debt issuance this year, adding that the country plans to continue to pay off IMF bailout loans early next year.

“At this moment 40 percent of the financing requirement for 2018 is already met, including 4 billion euros in payments to the IMF,” the ministry said.

Portugal has been repaying expensive bailout loans to the IMF early because it can now borrow in debt markets at lower rates. Portugal received a 78-billion-euro bailout between 2011 and 2014, a third of which came from the IMF.

In May Lisbon requested permission from the European Union to pay off ahead of schedule 10 billion euros it owes the IMF.

Reporting By Axel Bugge

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