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Cablegate: Portugal: Congressionally Mandated Report On

VZCZCXYZ0001
OO RUEHWEB

DE RUEHLI #0464 0531533
ZNR UUUUU ZZH
O 221533Z FEB 08
FM AMEMBASSY LISBON
TO SECSTATE WASHDC IMMEDIATE 6637

UNCLAS LISBON 000464

SIPDIS

SENSITIVE
SIPDIS

EEB/IFD/OMA ANDREW SNOW AND RICHARD FIGUEROA

E.O. 12958: N/A
TAGS: EAID ECON PO PREL
SUBJECT: PORTUGAL: CONGRESSIONALLY MANDATED REPORT ON
FISCAL TRANSPARENCY IN COUNTRIES RECEIVING USG ASSISTANCE

REF: STATE 16737

Portugal's budget is a public document available online in
Portuguese at www.dgo.pt/oe/2008/aprovado/index.htm. It
contains an accurate detailed accounting of revenues and
expenditures. The IMF's most recent country report No.
03/373 entitled "Portugal: Report on the Observance of
Standards and Codes - Fiscal Transparency Module" was
published in November 2003. It found that Portugal was
meeting the requirements of the IMF's fiscal transparency
code in several areas and had been making significant
progress in strengthening fiscal management and transparency.
There are currently no known fiscal transparency issues, and
there are no USG or other multilateral institutions providing
assistance to strengthen fiscal transparency. The current
government has worked hard to consolidate the budget in
compliance with its commitments under Portugal's Growth and
Stability Pact agreement with the EU. Furthermore, Portugal
was able to reduce its fiscal deficit below 3% in 2007, a
year ahead of schedule.
Stephenson

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