1. INTRODUCTION

Staff from the European Commission, in liaison with staff from the ECB, conducted a mission from 27 to 29 March 2023 in the context of post programme surveillance (PPS). Staff from the European Stability Mechanism (ESM) participated in the meetings on aspects related to the ESM’s Early Warning System, and staff from the International Monetary Fund (IMF) also participated. Under PPS, the Commission carries out bi-annual review missions to EU Member States that have had an EUsupported financial assistance programme. The objective of the PPS mission is to assess the economic, fiscal and financial situation to ensure the Member State maintains its capacity to service its debt to the European Financial Stability Facility (EFSF), the European Stability Mechanism (ESM) and bilateral lenders ( 3).

This report reflects information available and policy developments that have taken place until 28 April 2023. The macroeconomic and budgetary projections, including those underlying the debt sustainability analysis, are in line with the Commission 2023 spring forecast released on 15 May 2023 (with cut-off date of 28 April 2023).

(3) Under Regulation (EU) No 472/2013, PPS will continue until at least 75% of the financial assistance received under the programme has been repaid. Under the current repayment schedule, PPS will last until 2059.