## Panama: Staff Report for the 2003 Article IV Consultation

_IMF Staff Country Reports, April 6, 2006_

## Source details

**Canonical URL:** [Panama: Staff Report for the 2003 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/panama-staff-report-for-the-2003-article-iv-consultation-19105)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/panama-staff-report-for-the-2003-article-iv-consultation-19105/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/panama-staff-report-for-the-2003-article-iv-consultation-19105/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/panama-staff-report-for-the-2003-article-iv-consultation-19105/bundle-manifest.json)

## Bibliographic details
- Published: April 6, 2006
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451830873.002

---

### Summary
- The medium-term outlook is sound, assuming continued pursuit of prudent fiscal policies and growth-enhancing structural reforms.
- Sustained compliance with the fiscal responsibility law will require structural reforms, including improvement of tax administration.
- Comprehensive reform of the pension system is needed to ensure its viability.
- The authorities are taking some administrative steps to reduce the deficit, but comprehensive reform will have to be done by the new government.

### Key findings
- Medium-term outlook: sound, conditional on fiscal prudence and structural reforms.
- Fiscal policy: ongoing need for structural reforms to sustain compliance with the fiscal responsibility law.
- Tax administration: improvement identified as a necessary component of fiscal reform.
- Pension system: comprehensive reform required to ensure viability.
- Government actions: current measures are administrative and partial; comprehensive reform deferred to the incoming government.

### Policy recommendations and implications
- Continue pursuit of prudent fiscal policies to maintain the sound medium-term outlook.
- Implement growth-enhancing structural reforms to support sustained economic performance.
- Improve tax administration as part of the structural reforms needed to ensure sustained compliance with the fiscal responsibility law.
- Undertake comprehensive pension system reform to secure long-term viability.
- Prepare comprehensive fiscal and structural reform plans for implementation by the new government, beyond the administrative steps already taken.

---

## Content in this bundle

- **_cr06130**
  - [_cr06130 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2006/_cr06130.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr06130 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2006/_cr06130.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/panama-staff-report-for-the-2003-article-iv-consultation-19105_