Panama:2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama

Author: International Monetary Fund. Western Hemisphere Dept.

Panama: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama

Volume/Issue: Volume 2023 Issue 122

Publication date: March 2023

ISBN: 9798400237942

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Business and Economics - Statistics , International - Economics , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , food price subsidy , inflation expectation , IMF staff calculation , superintendency of bank , growth-interest differential , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Public sector , Credit , Global , Central America

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Summary

Panama was hit hard by the covid-19 pandemic, but the recovery has been strong. GDP expanded by 15.3 percent in 2021 and a projected 9 percent in 2022. Inflation is low compared with other countries, in part the result of temporary subsidies on fuel and food. The fiscal deficit declined from 10½ percent of GDP in 2020 to 4 percent of GDP in 2022 and central government gross debt is estimated at 60 percent of GDP at end-2022. Banks are, on average, well capitalized and liquid. As insurance against external shocks, the IMF Executive Board approved a two-year Precautionary and Liquidity Line (PLL) arrangement for 500 percent of quota, equivalent to US$2.7 billion (SDR 1.884 billion), on January 19, 2021.