IMF releases $2b rescue funding for Portugal

WASHINGTON - The International Monetary Fund (IMF) announced on Wednesday that it released a tranche of rescue funding in the amount of 1.259 billion special drawing rights (SDRs), or about 1.5 billion euros (about $1.95 billion) , to Portugal after the latest review of the nation's economic performance.

The IMF's executive board on Wednesday completed the fifth review of Portugal's performance under a three-year economic program, enabling the immediate disbursement of the rescue funding, the Washington-based global lender said in a statement.

This brought the total disbursements from the IMF to 18.402 billion SDRs, or about 21.8 billion euros, said the IMF.

Portugal in May 2011 inked a 78-billion-euro international rescue plan over three years with the IMF and its European partners to tide over its economic crisis.