Early 10 billions’ repayment to the IMF might save Portugal 660 millions

  • ECO News
  • 5 July 2017

Ricardo Mourinho Félix disclosed the estimated amount of money Portugal will save with the early repayment of another 10 billion euros to IMF. This year, 3.6 millions will be reimbursed.

The Portuguese Government wants to save 660 million euros with the early reimbursement of another ten billion euros to the International Monetary Fund (IMF). The estimate was disclosed by Ricardo Mourinho Félix, the Finance State Secretary, in the Portuguese Parliament.

The request to make the ten billion euros’ early reimbursement was presented in May and it foresees the early repayment of this amount in a 30 months maturity — which goes beyond the current legislative mandate. This year, the State has already reimbursed one billion euros to the IMF, and it is expected it will pay another 2.6 billion euros, reaching a total of 3.6 billion euros, Mourinho Félix stated.

The goal of these early repayments is to replace the Portuguese debt towards the IMF with a cheaper financing — which means saving money on interests. Out of the total of ten billion euros, the Government expects “saving 660 million euros”, Mourinho Félix stated.