IMF offers more rosy view of Portugal after past gloominess

Markets Associated Press

The International Monetary Fund has given an upbeat assessment of Portugal's economy, after years of dark warnings that brought a rebuke from the Portuguese government.

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The IMF says in a report that "Portugal's near-term outlook has strengthened considerably," with investment ticking higher and exports continuing to grow.

The report Friday said Lisbon has also made "commendable" progress in addressing financial risks stemming from its high government debt, though it notes that corporate debt remains high and that banks still hold substantial bad loans.

Finance Minister Mario Centeno last month publicly chided the IMF over its unremittingly bleak outlooks for Portugal, saying he wished its officials would "spend more time improving the economic models they use instead of setting out reforms that are not based on correct data."