Panama: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama

July 30, 2021

Preview Citation

Format: Chicago

Panama: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama, (USA: International Monetary Fund, 2021) accessed November 21, 2024

Summary

After over two decades of unprecedented economic expansion, Panama’s economy contracted sharply in 2020 amidst challenges from the COVID-19 pandemic. As conditions rapidly deteriorated, Panama requested financial support under the Rapid Financing Instrument (RFI) for 100 percent of quota equivalent to US$0.5 billion (SDR 0.4 billion) to address immediate balance of payments needs, which the IMF Executive Board approved on April 15, 2020. Subsequently, uncertainties magnified, and Panama requested a two-year arrangement under the Precautionary and Liquidity Line (PLL) for 500 percent of quota, equivalent to US$2.7 billion (SDR 1.9 billion), as insurance against extreme external shocks, which was approved by the IMF Executive Board on January 19, 2021.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), COVID-19, Crime, Expenditure, Health, International organization, Monetary policy, National accounts, Public debt

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Caribbean, Central America, COVID-19, Financial asset, Global, Headline inflation, IMF quota, IMF staff calculation, Policy advice, Portfolio examination, Tax moratorium, Transparency policy

Publication Details

Pages:

82
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/173
Stock No:

1PANEA2021004
ISBN:

9781513588148
ISSN:

1934-7685

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