Financial recovery plan for Portimão approved

Portimão’s financial recovery plan has been approved by 15 votes to eight.

Representatives of the PS Party and the parish councils of the municipality voted in favour and the PSD, Bloco de Esquerda and CDU political parties voted against the plan.

The PSD had criticised the Câmara for “its mismanagement and the way the authority is run by its municipal executive” (see Algarve Resident August 6 edition).

With the approval of this plan, the Câmara can now initiate negotiations with banks. The aim is to transform 100 million Euros of short-term debt into a long-term loan of 96 million Euros.

PS party member João Vieira said: “This loan will be invested in the local economy.” Bloco de Esquerda deputy Luísa Penisga accused the Portimão Câmara of “having been partying in the last years of management”.

Portimão Mayor Manuel da Luz said: “We have made an expansionary policy development with the local economy in mind. We believe that we have done the best for the city of Portimão. The heritage, the museum, the market, the theatre … they have all been preserved and are now open to the public. We have held cultural events to attract visitors to, and promote, the city.”

He added: “This is our plan and we believe that it’s feasible, achievable and based on a rigorous study.”