The document that formalised the exit of the municipality in the district of Faro from the financial adjustment plan was signed by the mayor of Portimão, Álvaro Bila, and the director of the Municipal Support Fund (FAM), Miguel Almeida.

“This is an important date for the people of Portimão, which demonstrates the exemplary way in which the financial adjustment program was carried out: paying off old debts and getting out of excessive debt,” the mayor told Lusa agency.

In 2016, Portimão City Council, which held the largest national municipal debt, with a global value of more than 142 million euros (ME), used the financial assistance program, obtaining a loan of up to 142,520,995 .69 euros, with a payment term of 27 years. Under financial rescue, the municipality was forced to maintain rates and taxes at higher values, restructure services, renegotiate debts, and was also limited in public investments.

According to Álvaro Bila, of the amount made available by the program, “118 million were used, with the municipality currently having a structured and consolidated debt of 82 million euros, which are being paid with the loan taken out from FAM for a period of 27 years ”, now 19 years away. “This is a contractual loan, which allows us to effectively manage the debt and make the necessary investments for the development of the municipality”, he highlighted.

According to the mayor, balancing the municipal accounts “represented hard work and allowed, over the last eight years, to amortise the debt by €4 million per year”, allowing us to move forward with investments considered priorities in the areas of infrastructure, social action and housing.

“From now on and without being subject to the restrictions imposed by the PAM, we have autonomy and scope to reduce municipal taxes and, with responsible management, move forward with the investments that the municipality so desperately needs”, concluded Álvaro Bila.