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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.

The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.

To assist the IMF in evaluating the publication policy, reader comments are invited and may be sent by e-mail to publicationpolicy@imf.org.

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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

  • Collapse
  • Expand
Panama: Selected Issues and Statistical Appendix
Author:
International Monetary Fund