The Finance Minister Mário Centeno said that “after the Council of the European Union’s announcement, Fitch's decision is in line with accumulating evidence the outlook for the Portuguese economy has been improving substantially”. The outlook on the rating of Portugal was changed to positive by Fitch.
This positive outlook paves the way to an upgrade of the Portuguese Republic to investment grade, wrote the Minister’s Cabinet in a press note.
Based on the recent fiscal and growth trends, this is likely to be achieved earlier than previously expected by most market participants.
"Portugal is an impressive turn-around story grounded on balanced and inclusive growth" the Finance Minister also said.
The successful fiscal effort acknowledged by Fitch is focused on rigorous expenditure control, revamped economic growth based on exports performance and business investment, as well as powerful employment dynamics.
These are key features of an inclusive growth strategy that is of the essence to granting broad support to the ongoing reform program.
Photo: Minister of Finance Mário Centeno with Maltese Minister of Finance, Edwarda Scicluna, in the Eurogroup meeting, Luxemburg 16 june 2017 (Photo: EU)