Panama: Second Review Under the Arrangement Under the Precautionary and Liquidity Line-Press Release; Staff Report; and Statement by the Executive Director for Panama

International Monetary Fund

No 2022/276, IMF Staff Country Reports from International Monetary Fund

Abstract: Despite continuing challenges from the COVID-19 pandemic and new risks emanating from global uncertainties, a combination of sound policy measures and a resolute vaccination program have supported a gradual return to normality and underpin a rebound in economic activities. External imbalances remain contained, and fiscal consolidation is underway as the authorities are adhering to the fiscal rule, which ensures a declining path for the public debt to GDP ratio. While the outlook is favorable, it remains subject to elevated risks, including global uncertainties arising from the war in Ukraine, faster-than-expected US monetary tightening, tighter global financial conditions, higher crude oil prices, and new variants of the COVID-19 virus that may derail the recovery. Domestic risks include significant delays in implementing the FATF action plan to exit the grey list.

Keywords: PLL qualification criteria; sound policy; Banco Nacional de Panamá; PLL review; PLL equivalent; Anti-money laundering and combating the financing of terrorism (AML/CFT); Credit; Global (search for similar items in EconPapers)
Pages: 70
Date: 2022-08-22
New Economics Papers: this item is included in nep-cis
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