22 May 2011

Portugal funding approved

7:23 am on 22 May 2011

The International Monetary Fund has approved a 26 billion euro loan for Portugal.

The agency said on Friday that it would immediately disburse 6.1 billion euros to ease investor concerns over debts.

In a statement, the IMF said its total financing to Portugal in 2011 will be about 12.6 billion euros with another 25.2 billion euros from the European Union.

The funding is part of a 78 billion euro bailout package by the EU and IMF to allow Portugal some breathing space from borrowing in the markets.