On Friday, the International Monetary Fund (IMF) approved a 26 billion euors aid for Portugal and said it will immediately provide 6.1 billion euros of the package to the debt-laden nation to ease the rising debt woes.

In a statement on Friday the IMF said the total financing for Portugal for 2011 as part of the 78 billion euros bailout package by the EU and the IMF will include around 12.6 billion from the IMF and around 25.2 billion from the European Union.

The bailout package for Portugal was with Lisbon's pledges to carry out steep spending cuts with raising taxes and system reforms alongside privatizations plans to ensure it brings its deficit back to target.