The Staff Report for the Eleventh Review Under the Extended Arrangement and Request for Extension of the Arrangement and Waivers of Applicability of end-March Performance Criteria, prepared by a staff team of the IMF for the Executive Board’s consideration on April 17, 2014, following discussions that ended on March 2, 2014, with the officials of Portugal on economic developments and policies underpinning the IMF arrangement under the Extended Arrangement. Based on information available at the time of these discussions, the staff report was completed on April 1, 2014.