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Law > Business and Financial

You are looking at 1 - 7 of 7 items for :

  • Type: Journal Issue x
  • El Salvador x
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Cover IMF Staff Country Reports
Panama: 2017 Article IV Consultation-Press Release; and Staff Report for Panama
International Monetary Fund. Western Hemisphere Dept.
This 2017 Article IV Consultation highlights Panama’s economy as the fastest growing in Latin America over the past two decades. It is expected to remain among the most dynamic in the region, with stable and low inflation, sustainable public debt, a declining current account deficit, and a stable financial sector. Economic growth moderated to 4.9 percent in 2016 in the face of external headwinds, and inflation and unemployment remain subdued but have risen slightly. Fiscal consolidation continues in line with fiscal rule targets, and public debt is sustainable. Credit growth remains strong, but has begun to slow recently. The outlook is favorable despite heightened external uncertainty.
Keywords:
ISCR; CR; deficit; Panama; financing; authority; IMF staff estimate; disaster risk management program; Fondo de Ahorro; NFPS deficit; Medium-term growth prospect; Panama energy diagnostic; Anti-money laundering and combating the financing of terrorism (AML/CFT); Commercial banks; Global; Central America
Cover IMF Staff Country Reports
El Salvador: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of financial sector stability in El Salvador. The findings reveal that the financial system of El Salvador was resilient in the face of the global shocks and political uncertainty that took a toll on the economy in 2009. The new stand-by arrangement with the IMF bolstered confidence in the new authority’s policies and eased concern over the limited lender-of-last-resort capacity of the central bank. Despite the adverse economic environment of 2009, banks’ capitalization and liquidity remain high, and stress tests indicate that most banks could withstand severe shocks. Regulated nonbanks are also sound, but pension funds’ poor profitability could pose a problem in the longer term.
Keywords:
ISCR; CR; central bank; capital adequacy ratio; banking law; financial system; interest rate; commercial bank; simulation exercise; resolution process; real GDP; financial crisis; problem bank Resolution; external borrowing; credit risk; Loans; Credit; State-owned banks; Financial Sector Assessment Program; Central America; Global
Cover IMF Staff Country Reports
Panama: Staff Report for the 2011 Article IV Consultation
International Monetary Fund
The 2011 Article IV Consultation reports that Panama’s economy has rebounded strongly from the 2009 slowdown, and is one of the fastest-growing in the region. Rapid growth and prudent fiscal policy have lowered public debt to less than 40 percent of GDP, and rating agencies have placed Panama’s sovereign debt one notch above investment grade. The neutral fiscal stance envisaged for 2012–13 is broadly appropriate, though a tighter stance would have been preferable to rebuild buffers and contain inflation.
Keywords:
ISCR; CR; FDI; largely not observed; Panama's investment performance; Panama Canal expansion; double-taxation agreements; youth unemployment; IMF staff estimate; Public sector; Public investment spending; Liquidity; Fiscal stance; Global; Central America; South America; South Asia; Caribbean
Cover IMF Working Papers
Developments in Financial Supervision and the Use of Macroprudential Measures in Central America
Mr. Mynor Meza and Mr. Fernando L Delgado
Improvements in financial regulation and supervision in the Central American region (CAPDR) have strengthened financial stability. Prudential instruments with potential macroeconomic effects have been introduced. Nonetheless, compared with the larger Latin American and selected industrial countries, there is still important scope for CAPDR to enhance financial supervision and regulation. Based on two surveys, and the analysis of the Basel Core Principles, the paper determines that some weaknesses exist in risk-based supervision, and that macroprudential measures have scarcely been deployed.
Keywords:
WP; CAPDR; BCP compliance index; foreign exchange; BCP assessment; BCP principle; capital; financial regulation; financial supervision; Basel Core Principles; Basel III; macroprudential policy; Central America; Latin America; CAPDR country; financial activity; Risk-based supervision; Macroprudential policy instruments; Consolidated banking supervision; Global
Cover IMF Staff Country Reports
El Salvador: 2010 Article IV Consultation and First Review Under the Stand-By Arrangement: Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for El Salvador
International Monetary Fund
The Salvadoran economy was severely affected by the global economic slowdown. Further strengthening the economy’s growth prospects and reducing poverty will depend on a durable fiscal consolidation effort and improvements in the investment climate through continued commitment to macroeconomic and financial stability. A recent IMF/World Bank Financial System Stability Assessment (FSSA) confirmed that the Salvadoran financial system withstood the global financial crisis well and was well capitalized and liquid. The FSSA recommended enhancements to the legal and regulatory frameworks as well as measures to reduce some remaining vulnerabilities.
Keywords:
ISCR; CR; authorities' strategy; government; deficit; growth prospect; strategy; executive board discussion; government plan; government program; Public sector; Commercial banks; Global; Central America
Cover IMF Staff Country Reports
EL Salvador: Ex Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement
International Monetary Fund
The primary objective of the program was to prevent a crisis of confidence by signaling policy continuity and providing a liquidity buffer in case such shocks materialized. In addition, the program sought to preserve macroeconomic stability by focusing on sustaining fiscal prudence and financial sector reforms. IMF policy requires an ex post evaluation (EPE) of GRA-supported programs with exceptional access within a year after the end of the arrangement. Large provision of liquidity and effective use of IMF’s lending facilities can be effective in preventing a crisis.
Keywords:
ISCR; CR; deposit; program; Stand-By Arrangement; government; bank; private sector; banking system; deposit flight; El Salvador program; government deposit; financial system; deposit outflow; confidence-enhancing effect; SBA negotiation; Non-program region; capital account; Fiscal stance; Commercial banks; International reserves; Global
Cover IMF Staff Country Reports
El Salvador: Request for a Stand-By Arrangement and Cancellation of Current Arrangement: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for El Salvador
International Monetary Fund
This paper discusses El Salvador’s Request for a Stand-By Arrangement and cancellation of the current arrangement. The program seeks to preserve financial stability, safeguard the economic recovery, and strengthen the medium-term fiscal position. Fiscal policy will aim at offsetting the impact of the adverse external environment on domestic activity and the most vulnerable while ensuring debt sustainability over the medium term. IMF financial support would have a catalytic role for official creditors and private investors. It would also provide a liquidity buffer to help absorb any potential shocks to the financial system.
Keywords:
ISCR; CR; authority; program; Fund program; government program; deficit; government operation; authority of the audit department; dollarized financial system; modernization strategy; cancellation of the Stand-By Arrangement; Public sector; Global