A mission from the International Monetary Fund (IMF), led by Corinne Delechat, visited Panama from 7 to November 18 to conduct the annual Article IV Consultation (1). At the end of the discussion, Ms. Delechat issued the following statement in Panama City:
"Panama is still one of the fastest growing countries in the Americas. Thanks to many years of strong growth in gross domestic product (GDP), accompanied by a successful fiscal consolidation, debt ratios have declined rapidly and the credit rating of sovereign debt has improved. The financial sector proved its resilience during the international crisis of 2008-09, and stress tests conducted as part of a recent mission by the Financial Sector Assessment Program (FSAP) confirmed that the banking system would remain adequately capitalized even in difficult external conditions.
The short-term prospects are favorable, although the risks associated with global economic activity and financial stability are increasing. It is anticipated that the expansion of the Panama Canal and the government's investment program will continue to fuel demand and growth in the coming years, mitigating the adverse impact of the global outlook. It is projected that real GDP growth will exceed 8.5% in 2011 thanks to the uninterrupted soundness of the construction, trade and transport sectors, and will experience a slowdown in 2012. Inflation will remain relatively high, reaching a cumulative 5.2% in late October, but a gradual decrease is projected as pressure on raw materials continues to smooth out worldwide.”
More on this topic
March 2010
IMF advices: contain current spending, especially the wage bill, and strengthen the finances of public enterprises, public pension funds, and municipalities.
March 25, 2010
Mario Garza, resident representative of the International Monetary Fund (IMF) in Tegucigalpa, issued the following statement today:
March 2012
Macroconomic stability and policies of greater social inclusion have reduced unemployment rates to historical levels and improved poverty levels.
A press release issued by the IMF on March 16th, 2012, says:
IMF Executive Board Concludes 2011 Article IV Consultation with Panama
August 2010
The International Monetary Fund (IMF) report sheds a positive light on the country's macroeconomic situation and the stability of its financial system.
A staff team from the International Monetary Fund (IMF) visited Guatemala during August 17-26, 2010 to conduct the fourth and final review of the Stand-By Arrangement approved in April 2009.
September 2011
The report underscored the importance of persevering with the process of fiscal consolidation and public debt reduction, while protecting investment and social expenditures.
IMF Mission Visits Nicaragua to Conduct Seventh and Last Review of the Extended Credit Facility Press
español
1895
