Front Matter Page
This Selected Issues paper and Statistical Appendix for Panama was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on March 4, 2004. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Panama or the Executive Board of the IMF.
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Front Matter Page
INTERNATIONAL MONETARY FUND
PANAMA
Selected Issues and Statistical Appendix
Prepared by W. Lewis (Head), M. Dehesa, O. Hendrick, J. Prat, and R. Romeu (all WHD)
Approved by the Western Hemisphere Department
March 4, 2004
Contents
Basic Data
I. The Social Security System—A Pending Reform
A. Overview of the Social Security System
B. National Dialogue on Social Security Reform
C. Looking Ahead
Figures
I. 1. Economic Crisis and Labor Markets Have Negatively Impacted the Coverage of the System
2. Social Security Agency—Financing Structure 2002
3. Social Security Agency—Income and Revenue Performance
4. IVM Actuarial Deficit and Reserves
5. IVM Reserves 1995–2020
6. IVM Reserves: Government Proposal
7. Social Security Agency—Return on the IVM Reserves
Text Tables
I. 1. Latin America: Comparison of Retirement Ages, Contribution Period, and Replacement Rates
2. Comparison with Europe’s Contribution Rates, Retirement Age, Minimum Contribution Period, and Replacement Rates
3. Allocation of Contributions among the CSS Programs
4. CSS: Income Statement
5. Main Consensus Reached by the Task Forces
6. CSS: Financial Assets and Average Return
II. Does Panama Need a Lender of Last Resort and/or Deposit Insurance?
A. Introduction
B. Panama’s Framework for Financial Stability
C. Evaluating the Case for a Financial Safety Net
D. Panama’s Experience Without a Lender of Last Resort
E. Conclusions
Text Tables
II. 1. Commercial Banks Classified by Type of License
2. Assets and Liabilities of the International Banking Center
3. Assets and Liabilities of General License Banks
4. Bank Liquidation, Mergers, and Acquisitions 1990–2003
Appendix
Summary of the Tax System as of September 30, 2003
Statistical Appendix Tables
1. National Accounts by Productive Activity
2. Gross Domestic Product by Expenditure
3. Savings and Investment
4. Electricity Generation and Consumption
5. Private Sector Construction Permits
6. Premium and Regular Gasoline Sales
7. Diesel Sales
8. Monthly Index of Economic Activity
9. Canal Statistics
10. Labor Force Statistics
11. Selected Price Indices
12. Wholesale Price Index
13. Consumer Price Index
14. Operations of the Nonfinancial Public Sector
15. Central Government Operations
16. Central Government Revenue
17. Central Government Expenditure
18. Operations of the Social Security Agency
19 Operations of the Decentralized Agencies
20. Operations of the Public Enterprises
21. Nonfinancial Public Sector Gross Domestic Debt
22. Accounts of the Banking System
23. Banking System Credit to the Domestic Private Sector by economic Activity
24. Offshore Operations of Private Banks
25. Interest Rate Structure
26. Public Sector Banks—Operating Revenue and Expenditure
27. Public Sector Banks—Portfolio in Arrears
28. Summary of Balance of Payments
29. Nontraditional Exports and Issue of Tax Credit Certificates
30. Direction of Trade
31. Operations of the Colón Free Zone
32. Composition of Merchandise Exports
33. Principal Commodities Shipped Through the Canal
34. Travel Receipts and Expenditure, and Number of Visitors
35. Public Sector External Debt and Debt Service
36. External Public Debt Indicators