IMF approves €26 billion extended arrangement for Portugal

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The International Monetary Fund (IMF) has released the first instalment of its financial support for Portugal.

The executive board of the IMF on Friday approved a three-year special drawing right (SDR) 23.742 billion (about €26 billion or $36 billion) arrangement under the Extended Fund Facility for Portugal.

The money was given in support of the authority's economic adjustment and growth programme.

This programme made SDR 5.6 billion immediately available to Portugal. In 2011, "total IMF financ

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