葡萄牙：2026年第四条磋商新闻稿；员工报告；葡萄牙执行主任的发言

PORTUGAL 2026ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT; AND STATEMENT BY THE EXECUTIVEDIRECTOR FORPORTUGAL June 2026 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2026Article IV consultation with •APress Releasesummarizing the views of the Executive Board as expressed during itsJune 17, 2026consideration of the staff report that concluded the Article IV •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onJune 17, 2026, following discussions that ended onMay 6,2026, withthe officials ofPortugalon economic developments and policies. Based on •AnInformational Annexprepared by the IMFstaff.•AStatement by the Executive DirectorforPortugal. The documents listed below have been or will be separately released. •Selected Issues •Financial System Stability Assessment TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports and Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org IMF Executive Board Concludes2026Article IV ConsultationwithPortugal FOR IMMEDIATE RELEASE •In an uncertain global environment, priorities should be to entrench the remarkable gainsachieved in recent years in strengthening economic and financial resilience, while •Fiscal policy should continue focusing on debt reduction while reorienting public spendingtoward higher investment. Efforts should rely on tax reform, improved efficiency of •Continued strengthening of the financial policy framework will help preserve stability andincrease access to finance. Reinforcing the macroprudential policy toolkit, closely •Higher medium-term growth requires productivity-enhancing reforms, including measures tosupport innovation and firm growth, streamlined bureaucracy, product and labor marketreforms, and continued improvement in education. Working with its EU partners, Portugal Washington, DC–June24,2026:The Executive Board of the International Monetary Fund(IMF) concluded the Article IV consultation1withPortugal. Portugal’s economic performance has been strong.After a remarkable post-pandemicrecovery, Portugal’s economy has been growing strongly, faster than the euro area average.The budget recorded a surplus for the third consecutive year in 2025, bringing public debt justbelow 90percent of GDP, an impressive reduction from the 2020 peak of 134percent of GDP.Although volatile, inflation has declined and is close to target. Despite weak external demand, Executive Board Assessment TheExecutiveDirectorscommended Portugal’sstrong economic performance, withgrowth above the euro area average and inflation declining toward target. Directors noted thatwhile the outlook remains positive, growth is expected to moderate. Furthermore, significantrisks—particularly from an uncertain external environment, population aging, and low Directors underscored the importance of additional measures to ensure broadlybalanced fiscal positions, while prioritizing public investment. They cautioned that, in 2026,significant EU funds inflows could compound the inflationary impact of higher energy pricesand may require tightening fiscal policy. Directors agreed that the fuel excise tax reductionimplemented in response to the energy shock should be replaced by targeted support to Directors welcomed that the banking sector is resilient to severe adverse macro-financial conditions. They nevertheless emphasized the importance of preserving financialsector stability and resilience by strengthening the financial policy framework, in line withFSAP recommendations. Noting the sizable exposures, Directors urged vigilance on housing-market risks and sovereign exposure. They also emphasized that reducing real-estate market Directors welcomed the authorities’ focus on boosting productivity to achievesustained convergence with European peers. They underscored the need to enhance privateinvestment and economic efficiency by streamlining bureaucracy. Directors also emphasizedthe need for continued efforts to improve education, reduce skill mismatches, prepare for AI PORTUGAL STAFF REPORT FOR THE 2026 ARTICLE IV CONSULTATION May 28, 2026 KEY ISSUES Context.Portugal’s economy continued its strong performance in 2025. GDP grewfaster than the euro area average. The budget recorded its third surplus in three years,bringing public debt below 90 percent of GDP, down from 134 percent in 2020.Employment remained strong. Inflation declined close to target. Strong tourism inflowskept the current account in surplus despite lower external demand. Systemic financial Policy Recommendations Fiscal Policy.Entrenching fiscal sustainability while reo