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International Monetary Fund. Western Hemisphere Dept.
This paper focuses on Panama’s Request for Purchase Under the Rapid Financing Instrument. The coronavirus disease 2019 pandemic has disrupted Panama’s economy and created urgent balance of payments (BOP) and fiscal financing needs. The government has resolutely implemented measures to contain and mitigate the spread of the pandemic. However, significant uncertainties remain, and the economic fallout could intensify further if containment measures must be extended. The authorities stand ready to continue cooperating with the IMF in finding solutions to the balance of payments and fiscal imbalances. Measures have also been taken to maintain financial sector stability, including by allowing banks to use the accumulated dynamic provisioning to improve their liquidity position and absorb the impact of potential credit losses. The IMF emergency support under the Rapid Financing Instrument will help provide much needed resources to address BOP needs and support essential pandemic-related health expenditure. The support of other international financial institutions and development partners is crucial to close the remaining BOP and budgetary gaps, ease the adjustment burden, and preserve economic growth.
International Monetary Fund. Statistics Dept.
This Technical Assistance Report discusses the findings and recommendations made by the IMF mission regarding the balance of payments, international investment position, and secondary income statistics in El Salvador. The mission reviewed progress made on the recommendations for the Coordinated Direct Investment Survey (CDIS). Although El Salvador is currently reporting data to the CDIS, there are some topics that need improvement, particularly the positions of the shareholders of the three most important financial groups and their subsidiaries to avoid duplicate entries. The mission agreed with the authorities regarding the monitoring of processing payment vouchers sent to the Central Reserve Bank of El Salvador by banks and other entities paying remittances for amounts exceeding the threshold of US$500 to complete the personal transfers’ estimates.
Mr. Luis Catão, Valeriya Dinger, and Daniel Marcel te Kaat
Using a sample of over 700 banks in Latin America, we show that international financial liberalization lowers bank capital ratios and increases the shares of short-term funding. Following liberalization, large banks substitute interbank borrowing for equity and long-term funding, whereas small banks increase the proportions of retail funding in their liabilities, which have been particularly vulnerable to flight-to-quality during periods of financial distress in much of Latin America. We also find evidence that riskier bank funding in the aftermath of financial liberalizations is exacerbated by asymmetric information, which rises on geographical distance and the opacity of balance sheets.
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.
International Monetary Fund. External Relations Dept.
IMF plan to cut imbalances; IMF clarifies aid role; world growth update; financial globalization; growth in Africa; low-income countries need fiscal reform; Central America seeks stronger growth; IMF surveillance framework; news briefs.
International Monetary Fund
Panama has a well-developed macroeconomic statistical system, and the government recognizes the importance of good statistics for policy and investment decisions. All statistical agencies are committed to further statistical progress by promoting implementation of the National Strategy for Statistical Development (NSSD). Executive Directors recommend that Panama should proceed with the amendment to the Law of the Controller General aimed at creating the National Institute of Statistics, and implement the annual supply and use framework to investigate discrepancies and improve consistency.
International Monetary Fund. Research Dept.
Articles reviewing IMF research on dollarization and on the relationship between macroeconomic policies and income distribution; country/area study: The Euro Area; summaries of Second Annual IMF Research Conference and Investor Relations Seminar; list of external publications of IMF staff; IMF working papers; visiting scholars at the IMF.
International Monetary Fund. Secretary's Department

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.