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

Publication Date:

July 30, 2021

Electronic Access:

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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.

Series:

Country Report No. 2021/173

Subject:

Frequency:

regular

English

Publication Date:

July 30, 2021

ISBN/ISSN:

9781513588148/1934-7685

Stock No:

1PANEA2021004

Pages:

82

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