Portimão receives €93 million government loan

A €93 million loan to the municipality of Portimão as part of a PAEL programme aimed at aiding municipal authorities to settle outstanding debts was approved by the Portuguese government in late August.

The confirmation came from Portimão President Manuel da Luz, who praised the government’s responsible stance concerning the city’s municipal adjustment plan, which, he said, was not influenced by political quarrels that have been “degrading” Portimão’s image.

The implementation of the PAEL comes only a couple months after five financial institutions agreed to lend the municipality €39 million.

Manuel da Luz stated that these financial aids will allow the local authority to settle €132 million of its debts, and that the plan contains a strict set of measures to lower expenses and boost profit.

The president of the municipal authority pointed fingers at the government’s opposition parties, which “incessantly” mistake information from public opinion with that from the municipalities, and question the veracity and transparency of the documents presented by institutions such as the municipal authority, the municipal assembly, the Court of Auditors or the National Statistics Institute.

He also stressed that Portimão’s accounts are audited by an external authority (Revisor Oficial de Contas). Luz concluded his statement by making an appeal to the future local government (to be determined in the September 29 elections) to conduct a financial audit when in power in order to determine “who is speaking the truth”.