{
  "title": "Panama: Staff Report for the 2004 Article IV Consultation",
  "publication": "IMF Staff Country Reports, January 6, 2006",
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  "summary": "This 2004 Article IV Consultation for Panama reports that the medium-term outlook is encouraging, assuming implementation of the authorities’ fiscal program, which should put the public debt ratio on a steadily declining path.",
  "publishDate": "2006-01-06",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- The medium-term outlook is encouraging, assuming implementation of the authorities’ fiscal program, which should put the public debt ratio on a steadily declining path.\n- The banking system experienced a substantial recovery in 2003–04, and the financial system remains essentially sound, with favorable performance indicators and a strong regulatory framework.\n- An expansion of the Panama Canal at an estimated cost of more than 30 percent of GDP could, if approved in a national referendum, have a far-reaching impact on the economy’s growth prospects."
    },
    {
      "heading": "Financial sector assessment",
      "content": "- Banking system: experienced a substantial recovery in 2003–04.\n- Financial system soundness: characterized as \"essentially sound\" with favorable performance indicators.\n- Regulatory framework: described as strong."
    },
    {
      "heading": "Fiscal outlook and public debt",
      "content": "- Baseline assumption: implementation of the authorities’ fiscal program.\n- Public debt trajectory: fiscal program \"should put the public debt ratio on a steadily declining path.\""
    },
    {
      "heading": "Panama Canal expansion — scenario and implications",
      "content": "- Project estimate: expansion at an estimated cost of more than 30 percent of GDP.\n- Conditionality: potential impact contingent on approval in a national referendum.\n- Macroeconomic implication: could have a far-reaching impact on the economy’s growth prospects if approved."
    },
    {
      "heading": "Key statistics and numerical points (as reported)",
      "content": "- Recovery period for banking system: 2003–04.\n- Canal expansion estimated cost: more than 30 percent of GDP.\n\nSource: Panama: Staff Report for the 2004 Article IV Consultation (IMF Staff Country Reports).\n\n---\n\n Content in this bundle\n\n- cr0607\n  - cr0607 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr0607 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/panama-staff-report-for-the-2004-article-iv-consultation-18799"
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    "Published: January 6, 2006",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451830859.002",
    "The medium-term outlook is encouraging, assuming implementation of the authorities’ fiscal program, which should put the public debt ratio on a steadily declining path.",
    "The banking system experienced a substantial recovery in 2003–04, and the financial system remains essentially sound, with favorable performance indicators and a strong regulatory framework.",
    "An expansion of the Panama Canal at an estimated cost of more than 30 percent of GDP could, if approved in a national referendum, have a far-reaching impact on the economy’s growth prospects.",
    "Banking system: experienced a substantial recovery in 2003–04.",
    "Financial system soundness: characterized as \"essentially sound\" with favorable performance indicators.",
    "Regulatory framework: described as strong.",
    "Baseline assumption: implementation of the authorities’ fiscal program.",
    "Public debt trajectory: fiscal program \"should put the public debt ratio on a steadily declining path.\"",
    "Project estimate: expansion at an estimated cost of more than 30 percent of GDP.",
    "Conditionality: potential impact contingent on approval in a national referendum.",
    "Macroeconomic implication: could have a far-reaching impact on the economy’s growth prospects if approved.",
    "Recovery period for banking system: 2003–04.",
    "Canal expansion estimated cost: more than 30 percent of GDP.",
    "**_cr0607**"
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