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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
Panama: Financial Sector Assessment Program - Technical Note on Macroprudential Framework and Policies
International Monetary Fund. Monetary and Capital Markets Department
This paper presents a technical note on Macroprudential Framework and Policies in Panama. The institutional framework for macroprudential policy in Panama broadly meets the principles of good design, in particular for the banking sector, but needs to be further operationalized. The quality of design and implementation of macroprudential policies will ultimately depend on a number of factors, including the quality of available data. The macroprudential framework could be further improved in several areas. The report recommends to expand the macroprudential policy toolkit with tools to contain excessive leverage and systemic risks in the corporate sector. The Superintendency of Banks of Panama has made important progress on its public communication on macroprudential policy and has produced an internal draft macroprudential policy strategy document. The SBP is encouraged to continue improving the draft macroprudential policy strategy document and publish it within the planned timeframe, by end-2023. An information and data sharing mechanism has been established across supervisory agencies.
Keywords:
IMF-World Bank Financial Sector Assessment Program; Superintendencia de Bancos de Panamá; Superintendencia de Seguros y Reasseguros de Panamá; Unidad de Análisis Financiero de Panamá; Macroprudential Policy committee; Macroprudential policy; Financial sector stability; Loans; Countercyclical capital buffers; Macroprudential policy instruments; Central America; Global
Cover IMF Staff Country Reports
Panama: Financial Sector Assessment Program - Technical Note on Financial Safety Net, Resolution, and Crisis Management
International Monetary Fund. Monetary and Capital Markets Department
This paper presents a technical note on financial safety net, resolution, and crisis management in Panama. Key institutional pillars of a financial safety net have not been established in Panama. An explicit industry-funded deposit insurance system should be established as a key element of an effective financial sector safety net in Panama. Superintendency of Banks of Panama (SBP) is the resolution authority for banks in Panama; the SBP relies on strong prudential supervision to avoid bank failures and remove weak institutions. The current approach to bank resolution has not changed since the 2012 Financial Sector Assessment Program and recent technical assistance missions. The legal framework underpinning SBP corrective actions, its overall powers and approach to handling bank insolvency has not changed since passage of the Banking Law in 2008. Panamanian authorities have undertaken a review of the current resolution framework and have determined there is need for improvement. The authorities should build upon current domestic and regional efforts, and develop their internal, interagency, and cross-border coordination and communication mechanisms for bank resolution and crisis management.
Keywords:
IMF-World Bank Financial Sector Assessment Program; Banco Nacional de Panamá; FSAP assessment's finding; staff team of the International Monetary Fund; deposit insurance system; Bank resolution framework; Bank resolution; Crisis resolution; Crisis management; Financial sector stability; Global; Central America
Cover IMF Staff Country Reports
Panama: Financial Sector Assessment Program - Detailed Assessment of Observance and Basel Core Principles for Effective Banking Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses Panama’s Basel Core Principles for Effective Banking Supervision report. The Superintendency of Banks of Panama (SBP) has made significant progress in updating its regulatory and supervisory framework. The liquidity regulations are generally comprehensive; however, the Liquidity Coverage Ratio is calculated and reported on a Level 1 basis and not L2 or group-wide. Off-site analysis occurs on a frequent basis using a comprehensive suite of indicators and data points. The SBP has implemented a framework for credit concentration risk and large exposure limits, but the framework does not apply to all material sources of concentration risk. Regulations issued by the SBP set out a comprehensive set of requirements for a bank’s Board and senior management to be responsible for preparing financial statements that adhere to international accounting standards. Banks must identify and appropriately manage the market risks they face, and the Board of Directors has primary responsibility for establishing policies and procedures to identify these risks.
Keywords:
IMF-World Bank Financial Sector Assessment Program; Board audit committee; Banco Nacional de Panama; adequacy ASSESSMENT process; vice presidency; Bank legislation; Credit risk; Market risk; Operational risk; Liquidity risk; Global
Cover IMF Staff Country Reports
Panama: Financial Sector Assessment Program - Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
International Monetary Fund. Monetary and Capital Markets Department
This paper explains a technical note on Anti-Money Laundering and Combating the Financing of Terrorism in Panama. Enhancing transparency of legal persons and arrangements established in Panama has been a top priority for the country and remains the subject of ongoing reforms. The continuous and large-scale outreach efforts to promote registration in the Registro Único de Beneficiarios Finales (RUBF) are commendable and need to be sustained. The continuous and large-scale outreach efforts to promote registration in the RUBF are commendable and need to be sustained. As a result of concerted efforts to ‘clean up’ the public registry, Panama currently has a large number of suspended legal persons—close to half a million—that require a path to dissolution. In the medium term, the evolving corporate landscape in Panama should be monitored closely, and risk assessments should be updated to reflect emerging business models and potential exposures to new threats and vulnerabilities. The authorities should enact legislation addressing virtual assets and virtual asset service providers that complies with Financial Action Task Force Recommendation 15 and international best practices.
Keywords:
WB staff; resident agent; staff team of the International Monetary Fund; due diligence; staff in the context; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial Sector Assessment Program; Money laundering; Fintech; Business enterprises; Caribbean; Global
Cover IMF Staff Country Reports
Panama: Selected Issues
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper discusses unravelling Panama’s large unemployment fluctuations. Panama’s labor force and employment have increased remarkably over the last decades. The rapid labor force growth was driven by a combination of demographic and social transformations. The increase in the labor force participation rate was the result of rising female labor force participation. Panama’s income convergence in the 25 years preceding the Pandemic was in large part the result of an increase in the employment to population rate. Convergence can either result from an increase in the employment rate relative to that in the US, or from faster labor productivity growth. In the case of Panama, about three quarters of the reduction in the income differential with the US was driven by an increase in the employment to population rate, and only one quarter was the result of faster labor productivity growth. Going forward, the increase in the employment to population ratio is likely to be slower and, for income convergence to continue, productivity growth will need to accelerate. The demographic transition has largely run its course as population growth is projected to keep declining and the share of the working-age population is expected to decrease in the next decades.
Keywords:
B. Dollarized economy; labor market market trend; D. labor force; E. building RESILIENCE; unemployment fluctuation; Climate change; Deposit insurance; Labor force; Natural disasters; Financial safety nets; Caribbean; Central America; Global; South America; Europe