International Monetary Fund. Legal Dept., International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Monetary and Capital Markets Department
The note concludes that the Fund could support a member’s use of buybacks, cash sweeteners, or collateral in the context of a Fund-supported program, provided that (i) debt restructurings using buybacks, cash sweeteners or collateral offer significant efficiency gains relative to debt restructurings that do not rely on such instruments, but are underpinned by a regular Fund-supported program; and (ii) an adequate cushion of non-multilateral debt remains after the operation. The conditions under which buybacks, cash sweeteners or collateral can be expected to deliver significant efficiency gains are narrow and specified in some detail.
At the request of the Superintendency of Banks of Panama (SBP), and with the support of the International Monetary Fund’s (IMF’s) Western Hemisphere Department (WHD), a monetary and financial statistics (MFS) remote technical assistance (TA) mission from the IMF’s Statistics Department (STA) took place during June 22-July 10, 2020. The main objective of the mission was to assist the SBP in the compilation of new standard report forms for depository corporations (SRF 1SR and SRF 2SR) on the basis of internationally accepted standards, as set out in the IMF’s 2016 Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG), following the introduction of a new chart of accounts by the SBP, and to agree on an improved timeline to report monetary and financial statistics to STA, on a monthly basis. The work of the mission was facilitated by the excellent collaboration of the staff of the Financial Studies Directorate (FSD) of the SBP. The officials met during the mission are listed in Appendix I.
International Monetary Fund. Western Hemisphere Dept.
While Panama has been the most dynamic economy in Latin America over the last three decades (growing 6 percent on average), its strength is being tested by the COVID-19 global pandemic. Panama is a service-based economy that is highly integrated in the world economy and exposed to extreme shocks during the pandemic.