Abstract
2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Panama
Fund Relations
(As of September 30, 2018)
Membership Status: Joined: March 14, 1946; Article VIII
| General Resources Account: | SDR Million | %Quota |
|---|---|---|
| Quota | 376.80 | 100.00 |
| Fund holdings of currency | 322.40 | 85.56 |
| Reserve Tranche Position | 54.41 | 14.44 |
| General Resources Account: | SDR Million | %Quota |
|---|---|---|
| Quota | 376.80 | 100.00 |
| Fund holdings of currency | 322.40 | 85.56 |
| Reserve Tranche Position | 54.41 | 14.44 |
| SDR Department: | SDR Million | %Allocation |
|---|---|---|
| Net cumulative allocation | 197.01 | 100.00 |
| Holdings | 127.98 | 64.96 |
| SDR Department: | SDR Million | %Allocation |
|---|---|---|
| Net cumulative allocation | 197.01 | 100.00 |
| Holdings | 127.98 | 64.96 |
Outstanding Purchases and Loans: None
Latest Financial Arrangements:
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | Jun 30, 2000 | Mar 29, 2002 | 64.00 | 0.00 |
| EFF | Dec 10, 1997 | Jun 20, 2000 | 120.00 | 40.00 |
| Stand-By | Nov 29, 1995 | Mar 31, 1997 | 84.30 | 84.30 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| Stand-By | Jun 30, 2000 | Mar 29, 2002 | 64.00 | 0.00 |
| EFF | Dec 10, 1997 | Jun 20, 2000 | 120.00 | 40.00 |
| Stand-By | Nov 29, 1995 | Mar 31, 1997 | 84.30 | 84.30 |
Projected Payments to Fund
(SDR Million; based on existing use of resources and present holdings of SDRs):1
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | ||||
|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | |
| Principal | ||||
| Charges/Interest | 0.17 | 0.69 | 0.69 | 0.69 |
| Total | 0.17 | 0.69 | 0.69 | 0.69 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | ||||
|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | |
| Principal | ||||
| Charges/Interest | 0.17 | 0.69 | 0.69 | 0.69 |
| Total | 0.17 | 0.69 | 0.69 | 0.69 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Implementation of HIPC Initiative: Not Applicable
Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable
Implementation of Post-Catastrophe Debt Relief (PCDR): Not Applicable
Safeguards Assessment. Under the Fund’s safeguards assessment policy, the National Bank of Panama (NBP) was subject to the transitional procedures with respect to the Stand-By Arrangement, which was approved on June 30, 2000, and expired on March 29, 2002. The transitional procedures required a review of the NBP’s external audit mechanism only. The assessment was completed on July 12, 2001 and concluded that NBP’s external audit mechanism was at the time adequate.
Non-financial Relations
Exchange Rate Arrangement. Panama uses the U.S. dollar as the primary means of payment in the local economy. Its national currency (balboa) is issued in the form of coins only and serves as a unit of account. The exchange rate of the balboa is fixed at 1 balboa per U.S. dollar. Panama has accepted the obligations of Article VIII, Sections 2(a), 3, and 4, and maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions.
Last Article IV Consultation. The 2017 Article IV consultation was concluded on May 1, 2017. Panama is on the standard 12 month consultation cycle.
FSAP: A first-time FSAP was concluded in September 2011. It confirmed the banking sector’s strength and resilience to potential shocks, noting nonetheless that data gaps prevent a full analysis of macro-financial linkages. It concluded that the regulatory framework for banks was broadly adequate, but the regulation of nonbanks had important shortcomings. It recommended to build the capacity to monitor systemic risks and introduce a financial safety net, including a facility aimed at addressing temporary liquidity shortfalls and a limited deposit insurance fund.
Technical Assistance. Panama is a large recipient of technical assistance (TA) directly through the Fund or CAPTAC-DR. Latest assistance covered a broad range of topics. Assistance in the fiscal area included options to strengthen the fiscal framework, tax and customs administration, and fiscal risks. Support was provided with the national accounts, real sector statistics, producer price and export and import prices, and government finance statistics. On the latter, better coordination and definition of roles between the MOF and INEC are essencial to improve data quality and follow the designed work plan. Assistance was also provided in improving external sector statistics to facilitate the transition to BPM6 and strengthening AML/CFT risk-based supervision of the securities market intermediaries, designated non-financial businesses and professions (DNFBPs), as well as enhancing the capacity of the Panamanian financial intelligence unit to conduct operational and strategic analysis. In the financial area, TA concentrated on improving the bank resolution framework and macroprudential policy, the latter as part of a regional TA program. TA has also been provided to improve risk-based supervision, particularly of the banking sector, namely country and transfer risk supervision and to develop a market risk assessment tool.
Resident Representative: None.
Relations with the World Bank-Under JMAP
(As of October 17, 2018)
| Title | Product | Provisional Timing of Mission | Expected Delivery date (Closing Date) |
|---|---|---|---|
| Lending (Active) | Third Programmatic Shared Prosperity Development Policy Loan (P151804) | Nov-18 | Dec-19 |
| Fourth Programmatic Shared Prosperity Development Policy Loan (P168338) | Nov-Dec-18 | Dec-20 | |
| Catastrophe Deferred Draw Down Disaster Risk Management Development Policy Loan (P122738) | Dec-18 | Nov-20 | |
| Enhanced Public Sector Efficiency Technical Assistance Loan (P121492) | Sep-18 | Dec-19 | |
| Sustainable Production Systems and Conservation of Biodiversity (P145621) | Apr-18 | Dec-19 | |
| Strenthening Social Protection and Inclusion System (P155097) | Nov-18 | Feb-22 | |
| Burunga Wastewater Management (P154275) | Oct-18 | Dec-21 | |
| Indegenous Peoples Intergral Development (P157575) | Oct-18 | Jun-23 | |
| Advisory Services and Analytics, Trust Funds (Active) | Support to Panama DFRI Strategy Implementation Plan RAS | Nov-18 | Apr-19 |
| Smart Mobility Solutions with Open Innovation RAS | Sep-18 | Nov-19 | |
| Economic Empowerment of Indigenous Women (P163286) | Nov-18 | Feb-19 | |
| Towards an Effective Implementation of Energy Efficient Initiatives in Panama (P155068) | Nov-18 | Apr-19 | |
| Energy Efficiency Fund Design Support -Fondo UREE (P165392) | Nov-18 | Sep-19 | |
| Public Private Partnership (P160763) | Jan-19 | Jun-20 | |
| Panama City Waterfront Redevelopment and Resilience Program (P166875) | Sep-18 | Jun-20 | |
| Setting the Basis for Water Security (P166057) | Nov-18 | Jun-20 | |
| Treasury’s Fee-for-Service for the Fondo de Ahorro de Panama | Mar-18 | Mar-19 (discussion with FAP for a 3-year term renewal) | |
| Design and Implementation of a Vehicle Technical Inspection and Emission Control Systems for Panama (TF0A4010) | Sep-18 | Apr-19 |
| Title | Product | Provisional Timing of Mission | Expected Delivery date (Closing Date) |
|---|---|---|---|
| Lending (Active) | Third Programmatic Shared Prosperity Development Policy Loan (P151804) | Nov-18 | Dec-19 |
| Fourth Programmatic Shared Prosperity Development Policy Loan (P168338) | Nov-Dec-18 | Dec-20 | |
| Catastrophe Deferred Draw Down Disaster Risk Management Development Policy Loan (P122738) | Dec-18 | Nov-20 | |
| Enhanced Public Sector Efficiency Technical Assistance Loan (P121492) | Sep-18 | Dec-19 | |
| Sustainable Production Systems and Conservation of Biodiversity (P145621) | Apr-18 | Dec-19 | |
| Strenthening Social Protection and Inclusion System (P155097) | Nov-18 | Feb-22 | |
| Burunga Wastewater Management (P154275) | Oct-18 | Dec-21 | |
| Indegenous Peoples Intergral Development (P157575) | Oct-18 | Jun-23 | |
| Advisory Services and Analytics, Trust Funds (Active) | Support to Panama DFRI Strategy Implementation Plan RAS | Nov-18 | Apr-19 |
| Smart Mobility Solutions with Open Innovation RAS | Sep-18 | Nov-19 | |
| Economic Empowerment of Indigenous Women (P163286) | Nov-18 | Feb-19 | |
| Towards an Effective Implementation of Energy Efficient Initiatives in Panama (P155068) | Nov-18 | Apr-19 | |
| Energy Efficiency Fund Design Support -Fondo UREE (P165392) | Nov-18 | Sep-19 | |
| Public Private Partnership (P160763) | Jan-19 | Jun-20 | |
| Panama City Waterfront Redevelopment and Resilience Program (P166875) | Sep-18 | Jun-20 | |
| Setting the Basis for Water Security (P166057) | Nov-18 | Jun-20 | |
| Treasury’s Fee-for-Service for the Fondo de Ahorro de Panama | Mar-18 | Mar-19 (discussion with FAP for a 3-year term renewal) | |
| Design and Implementation of a Vehicle Technical Inspection and Emission Control Systems for Panama (TF0A4010) | Sep-18 | Apr-19 |
Relations with the Inter-American Development Bank
(As of October 15, 2018)
In 2017, the IDB disbursed a total of $389.2 million. The Bank approved four loans for a total of $757 million during the year. One of them was a Policy Base Loan (Public Utilities Sustainable Development Support Program) in the amount of $300 million and three investment loans for the following projects: Program to Improve Efficiency and Quality in the Education Sector ($100 million), Program to Improve the Operational Management of the National Water and Sewer Institute in the Panama City Metropolitan Area ($250 million) and Support for the Conservation and Management of Cultural and Natural Heritage ($107 million).
The projection of disbursements for 2018 is around $503.4 million. The IDB has already approved four loans for $562 million in the areas of Transport and Logistics, Territorial Connectivity, Land Border Crossing Integration, Transparency and Equity in Spending on Social Protection; and is expected to approve two loans for $100 million in the areas of Urban Watershed Resiliency and Productive Development through Human Capital.
Panama: Relations with the Inter-American Development Bank
(In millions of U.S. Dollars)
Includes disbursements from approvals in previous years.
Estimated.
Panama: Relations with the Inter-American Development Bank
(In millions of U.S. Dollars)
| Operations for 2017 | |||
|---|---|---|---|
| Sector | Approved | Disbursed1 | Undisbursed Amounts |
| Modernization of the State | 0.0 | 2.2 | 19.8 |
| Innovation | 0.0 | 1.7 | 28.3 |
| Social Protection | 0.0 | 32.1 | 136.8 |
| Transportation | 0.0 | 0.0 | 6.8 |
| Water and Sanitation | 250.0 | 33.9 | 524.8 |
| Education | 100.0 | 12.6 | 104.8 |
| Fiscal and Municipal Management | 107.0 | 0.0 | 107.0 |
| Energy | 300.0 | 306.6 | 6.3 |
| Total | 757.0 | 389.2 | 934.6 |
| Loan Transactions | |||||||
|---|---|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 20182 | |
| a. Disbursements | 170.8 | 303.9 | 392.8 | 418.6 | 513.2 | 389.2 | 503.4 |
| b. Repayment | 104.9 | 108.7 | 102.7 | 114.5 | 157.5 | 207.5 | 183.7 |
| c. Net lending | 65.9 | 195.2 | 290.1 | 304.1 | 355.6 | 181.7 | 319.7 |
| d. Interest and charges | 45.6 | 55.3 | 55.9 | 68.4 | 80.4 | 80.7 | 86.5 |
| e. Subscriptions and contributions | 3.6 | 0.0 | 2.0 | 1.7 | 1.7 | 0.0 | 1.3 |
| f. Net transfer | 16.7 | 139.9 | 232.3 | 234.0 | 273.5 | 101.0 | 231.9 |
Includes disbursements from approvals in previous years.
Estimated.
Panama: Relations with the Inter-American Development Bank
(In millions of U.S. Dollars)
| Operations for 2017 | |||
|---|---|---|---|
| Sector | Approved | Disbursed1 | Undisbursed Amounts |
| Modernization of the State | 0.0 | 2.2 | 19.8 |
| Innovation | 0.0 | 1.7 | 28.3 |
| Social Protection | 0.0 | 32.1 | 136.8 |
| Transportation | 0.0 | 0.0 | 6.8 |
| Water and Sanitation | 250.0 | 33.9 | 524.8 |
| Education | 100.0 | 12.6 | 104.8 |
| Fiscal and Municipal Management | 107.0 | 0.0 | 107.0 |
| Energy | 300.0 | 306.6 | 6.3 |
| Total | 757.0 | 389.2 | 934.6 |
| Loan Transactions | |||||||
|---|---|---|---|---|---|---|---|
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 20182 | |
| a. Disbursements | 170.8 | 303.9 | 392.8 | 418.6 | 513.2 | 389.2 | 503.4 |
| b. Repayment | 104.9 | 108.7 | 102.7 | 114.5 | 157.5 | 207.5 | 183.7 |
| c. Net lending | 65.9 | 195.2 | 290.1 | 304.1 | 355.6 | 181.7 | 319.7 |
| d. Interest and charges | 45.6 | 55.3 | 55.9 | 68.4 | 80.4 | 80.7 | 86.5 |
| e. Subscriptions and contributions | 3.6 | 0.0 | 2.0 | 1.7 | 1.7 | 0.0 | 1.3 |
| f. Net transfer | 16.7 | 139.9 | 232.3 | 234.0 | 273.5 | 101.0 | 231.9 |
Includes disbursements from approvals in previous years.
Estimated.
Statistical Issues
(As of October 18, 2018)
| Assessment of Data Adequacy for Surveillance |
| General: Data provided to the Fund has some shortcomings but is broadly adequate for surveillance. The accuracy, timeliness, and publication of economic statistics has improved, but weaknesses in national accounts, government finance, and balance of payment statistics need to be addressed. |
| Real Sector: The timeliness of real sector data provision has improved, the data however continues to be subject to sizable revisions. After the change of the benchmark estimate year of the national accounts to 2007, the rebased GDP from the production approach has been published on an annual and quarterly basis both at current prices and as chained volumes. Annual GDP series from the expenditure and income approaches are available in current prices. Annual National Accounts series are available for 2007–15, and quarterly data until the second quarter of 2018. The IMF national accounts technical assistance has provided support to improve the compilation of national accounts statistics, including input-output tables, institutional sector accounts, and employment matrices. The quarterly GDP series compiled by the expenditure approach are being developed with IMF technical assistance. The monthly economic activity index has benefited from the use of administrative source data, and from the correct implementation of statistical technics, such as benchmarking and seasonal adjustment. In addition, IMF technical assistance has been provided to develop updated annual and quarterly producer, export, and import price indices; and to support the development of annual economic surveys to non-financial enterprises. A new benchmark compilation to rebase the national accounts series to 2018 is under development, but progress has been slow. The National Institute of Statistics and Census is receiving support from the World Bank to fund technical assistance on national accounts. |
| Government finance statistics: Further efforts are needed to improve the quality of fiscal data. Apart from timeliness, consistency of data related to the transfers between public sector units should be improved. Since September 2004, the operational balance of the Panama Canal Authority (ACP) was excluded from the official definition of the nonfinancial public sector (NFPS) used for fiscal policy purposes. Information on the ACP is only available in the Annual Report posted in its website (www.pancanal.com) on a fiscal year basis. There is a need to ensure a consistent and timely flow of ACP statistics. Moreover, in 2011, three public enterprises have been excluded from the NFPS accounts and public debt (Tocumen International Airport, ETESA, an electricity distribution company, and ENA, the National Highway company). It would also be necessary to compile and disseminate information on these entities in a timely fashion. The 2012 decree establishing the Savings Fund of Panama (Fondo de Ahorro de Panama, or FAP) mandated reporting of deferred payment schemes (e.g. turnkey projects) in budget documentation. The authorities received technical assistance from the IMF Statistics Department (STA) to implement the Government Finance Statistics Manual 2001 (GFSM 2001) and the Fiscal Affairs Department (FAD) conducted a mission on observance of fiscal standards and codes (ROSC) in October 2005. The August 2012 CAPTAC report on fiscal statistics for financial programming also emphasized the need to increase the information and analysis of turnkey projects’ impact on fiscal sustainability. In 2011 through 2013, FAD provided technical assistance in the area of public accounting, including implementation of government accounting reforms and the practical application of the accounting policies established in the International Public Sector Accounting Standards (IPSAS), an important step toward improving fiscal transparency. The authorities have also started to publish the liabilities derived from the turnkey projects and contingent liabilities of state-owned enterprises. The financial accounting system was not prepared to support the recording of transactions and economic events under the accrual method. The authorities launched a new platform for centralized management of public sector financial information (Integración y Soluciones Tecnológicas del Modelo de Gestión Operativa, ISTMO), which would help enhance transparency and efficiency. Panama has not been reporting fiscal data to STA for publication in the International Financial Statistics or the Government Finance Statistics Yearbook. In the context of CAPTAC-DR’s new regional project, a diagnostic mission and a TA mission were held in 2018. The latter focused on revising public sector coverage to include institutional units which are not covered by the fiscal data (see above). There has been lack of progress in irmproving fiscal tables, including public sector debt data |
| Monetary and Financial Statistics: Panama regularly reports monetary data for depository corporations using the standardized report forms (SRFs) for publication in the International Financial Statistics.. Panama reports Financial Soundness Indicators (FSIs) to STA on a regular (quarterly) basis with data beginning on 2005. The authorities have started using the aggregate housing price index, collected by a contractor. Data gaps still prevent a deeper analysis of systemic risks as the authorities do not collect adequate data on commercial real estate prices, loan write-offs, loan-to-value ratios, and leverage indicators for households and corporate, as there is no mechanism to monitor debtor’s income and value of the acquired property objects after the loan has been granted. |
| Balance of payments: Quarterly data are available with a delay of about one quarter, and are subject to revisions thereafter. Revised estimates in key trade and investment data may result in substantial revisions of the current account of the balance of payments. These revisions may reflect improvements in coverage, but they also suggest that there is room for improvement in quality control procedures. Data on outward FDI and repatriation of profit and dividends from these investments are only collected from the financial private sector, implying that the current account deficit and the International Investment Position (IIP) are likely being overestimated, due to the lack of coverage of outward FDI of the nonfinancial private sector. Official statistics may also underestimate inward portfolio investment. The authorities conduct timely the Coordinated Direct Investment Survey (CDIS) and the Coordinated Portfolio Investment Survey (CPIS). Quarterly IIP data have been compiled since 2002, and annual data are available since 1998. Panama recently began publishing BOP and IIP data in the BPM6 format. |
| Data Standards And Quality |
| Panama has participated in the Fund’s General Data Dissemination System (GDDS) since December 2000. A data ROSC was published in October 2006. With STA assistance, in October 2018 Panama implemented the recommendations of the IMF’s Enhanced General Data Dissemination System (e-GDDS) by publishing critical data through the National Summary Data Page (NSDP). |
| Assessment of Data Adequacy for Surveillance |
| General: Data provided to the Fund has some shortcomings but is broadly adequate for surveillance. The accuracy, timeliness, and publication of economic statistics has improved, but weaknesses in national accounts, government finance, and balance of payment statistics need to be addressed. |
| Real Sector: The timeliness of real sector data provision has improved, the data however continues to be subject to sizable revisions. After the change of the benchmark estimate year of the national accounts to 2007, the rebased GDP from the production approach has been published on an annual and quarterly basis both at current prices and as chained volumes. Annual GDP series from the expenditure and income approaches are available in current prices. Annual National Accounts series are available for 2007–15, and quarterly data until the second quarter of 2018. The IMF national accounts technical assistance has provided support to improve the compilation of national accounts statistics, including input-output tables, institutional sector accounts, and employment matrices. The quarterly GDP series compiled by the expenditure approach are being developed with IMF technical assistance. The monthly economic activity index has benefited from the use of administrative source data, and from the correct implementation of statistical technics, such as benchmarking and seasonal adjustment. In addition, IMF technical assistance has been provided to develop updated annual and quarterly producer, export, and import price indices; and to support the development of annual economic surveys to non-financial enterprises. A new benchmark compilation to rebase the national accounts series to 2018 is under development, but progress has been slow. The National Institute of Statistics and Census is receiving support from the World Bank to fund technical assistance on national accounts. |
| Government finance statistics: Further efforts are needed to improve the quality of fiscal data. Apart from timeliness, consistency of data related to the transfers between public sector units should be improved. Since September 2004, the operational balance of the Panama Canal Authority (ACP) was excluded from the official definition of the nonfinancial public sector (NFPS) used for fiscal policy purposes. Information on the ACP is only available in the Annual Report posted in its website (www.pancanal.com) on a fiscal year basis. There is a need to ensure a consistent and timely flow of ACP statistics. Moreover, in 2011, three public enterprises have been excluded from the NFPS accounts and public debt (Tocumen International Airport, ETESA, an electricity distribution company, and ENA, the National Highway company). It would also be necessary to compile and disseminate information on these entities in a timely fashion. The 2012 decree establishing the Savings Fund of Panama (Fondo de Ahorro de Panama, or FAP) mandated reporting of deferred payment schemes (e.g. turnkey projects) in budget documentation. The authorities received technical assistance from the IMF Statistics Department (STA) to implement the Government Finance Statistics Manual 2001 (GFSM 2001) and the Fiscal Affairs Department (FAD) conducted a mission on observance of fiscal standards and codes (ROSC) in October 2005. The August 2012 CAPTAC report on fiscal statistics for financial programming also emphasized the need to increase the information and analysis of turnkey projects’ impact on fiscal sustainability. In 2011 through 2013, FAD provided technical assistance in the area of public accounting, including implementation of government accounting reforms and the practical application of the accounting policies established in the International Public Sector Accounting Standards (IPSAS), an important step toward improving fiscal transparency. The authorities have also started to publish the liabilities derived from the turnkey projects and contingent liabilities of state-owned enterprises. The financial accounting system was not prepared to support the recording of transactions and economic events under the accrual method. The authorities launched a new platform for centralized management of public sector financial information (Integración y Soluciones Tecnológicas del Modelo de Gestión Operativa, ISTMO), which would help enhance transparency and efficiency. Panama has not been reporting fiscal data to STA for publication in the International Financial Statistics or the Government Finance Statistics Yearbook. In the context of CAPTAC-DR’s new regional project, a diagnostic mission and a TA mission were held in 2018. The latter focused on revising public sector coverage to include institutional units which are not covered by the fiscal data (see above). There has been lack of progress in irmproving fiscal tables, including public sector debt data |
| Monetary and Financial Statistics: Panama regularly reports monetary data for depository corporations using the standardized report forms (SRFs) for publication in the International Financial Statistics.. Panama reports Financial Soundness Indicators (FSIs) to STA on a regular (quarterly) basis with data beginning on 2005. The authorities have started using the aggregate housing price index, collected by a contractor. Data gaps still prevent a deeper analysis of systemic risks as the authorities do not collect adequate data on commercial real estate prices, loan write-offs, loan-to-value ratios, and leverage indicators for households and corporate, as there is no mechanism to monitor debtor’s income and value of the acquired property objects after the loan has been granted. |
| Balance of payments: Quarterly data are available with a delay of about one quarter, and are subject to revisions thereafter. Revised estimates in key trade and investment data may result in substantial revisions of the current account of the balance of payments. These revisions may reflect improvements in coverage, but they also suggest that there is room for improvement in quality control procedures. Data on outward FDI and repatriation of profit and dividends from these investments are only collected from the financial private sector, implying that the current account deficit and the International Investment Position (IIP) are likely being overestimated, due to the lack of coverage of outward FDI of the nonfinancial private sector. Official statistics may also underestimate inward portfolio investment. The authorities conduct timely the Coordinated Direct Investment Survey (CDIS) and the Coordinated Portfolio Investment Survey (CPIS). Quarterly IIP data have been compiled since 2002, and annual data are available since 1998. Panama recently began publishing BOP and IIP data in the BPM6 format. |
| Data Standards And Quality |
| Panama has participated in the Fund’s General Data Dissemination System (GDDS) since December 2000. A data ROSC was published in October 2006. With STA assistance, in October 2018 Panama implemented the recommendations of the IMF’s Enhanced General Data Dissemination System (e-GDDS) by publishing critical data through the National Summary Data Page (NSDP). |
Panama: Table of Common Indicators Required for Surveillance
(As of October 22, 2018)
Panama: Table of Common Indicators Required for Surveillance
(As of October 22, 2018)
| Date of latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | 9/2018 | 9/2018 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities | 9/2018 | 9/2018 | M | M | M |
| Reserve/Base Money | NA | NA | NA | NA | NA |
| Broad Money | 6/2018 | 9/2018 | M | M | M |
| National Bank of Panama Balance Sheet | 6/2018 | 9/2018 | M | M | A |
| Consolidated Balance Sheet of the Banking System | 6/2018 | 9/2018 | M | M | M |
| Interest Rates1 | 6/2018 | 9/2018 | M | M | M |
| Consumer Price Index | 9/2018 | 10/2018 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing2 – General Government3 | 6/2018 | 9/2018 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing2–Central Government | 6/2018 | 9/2018 | Q | Q | Q |
| Stocks of Central Government and Central Government-Guaranteed Debt4 | 6/2018 | 9/2018 | M | M | M |
| External Current Account Balance | 6/2018 | 9/2018 | Q | Q | Q |
| Exports and Imports of Goods and Services | 7/2018 | 9/2018 | M | M | M |
| GDP/GNP | Q2/2018 | 9/2018 | Q | Q | Q |
| Gross External Debt | 6/2018 | 9/2018 | M | M | M |
| International Investment Position 5 | 6/2018 | 9/2018 | Q | Q | Q |
Panama: Table of Common Indicators Required for Surveillance
(As of October 22, 2018)
| Date of latest Observation | Date Received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | 9/2018 | 9/2018 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities | 9/2018 | 9/2018 | M | M | M |
| Reserve/Base Money | NA | NA | NA | NA | NA |
| Broad Money | 6/2018 | 9/2018 | M | M | M |
| National Bank of Panama Balance Sheet | 6/2018 | 9/2018 | M | M | A |
| Consolidated Balance Sheet of the Banking System | 6/2018 | 9/2018 | M | M | M |
| Interest Rates1 | 6/2018 | 9/2018 | M | M | M |
| Consumer Price Index | 9/2018 | 10/2018 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing2 – General Government3 | 6/2018 | 9/2018 | Q | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing2–Central Government | 6/2018 | 9/2018 | Q | Q | Q |
| Stocks of Central Government and Central Government-Guaranteed Debt4 | 6/2018 | 9/2018 | M | M | M |
| External Current Account Balance | 6/2018 | 9/2018 | Q | Q | Q |
| Exports and Imports of Goods and Services | 7/2018 | 9/2018 | M | M | M |
| GDP/GNP | Q2/2018 | 9/2018 | Q | Q | Q |
| Gross External Debt | 6/2018 | 9/2018 | M | M | M |
| International Investment Position 5 | 6/2018 | 9/2018 | Q | Q | Q |