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

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

Volume/Issue: Volume 2022 Issue 276

Publication date: August 2022

ISBN: 9798400216701

$20.00

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Topics covered in this book

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Money and Monetary Policy , Public Finance , International - Economics , 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

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Summary

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.