Press Release: Statement by an IMF Article IV Mission to Panama

Press Release No. 11/425
November 21, 2011

An International Monetary Fund (IMF) mission, headed by Corinne Deléchat, visited Panama between November 7–18 to conduct the country’s annual Article IV consultation.¹ At the end of discussions, Ms. Deléchat issued the following statement in Panama City:

“Panama is now among the fastest-growing countries in the Western Hemisphere. Many years of strong real Gross Domestic Product (GDP) growth accompanied by successful fiscal consolidation have resulted in a rapid decline in debt ratios and in upgrades of its sovereign debt credit rating. Its financial sector showed resilience during the 2008–09 global crisis, and stress tests conducted in the context of a recent Financial Sector Assessment Program (FSAP) mission confirmed that that the banking system can be expected to remain sufficiently capitalized even under challenging external conditions.

“Near-term prospects are favorable, although global risks associated with economic activity and financial stability are on the rise. . . .

Press Release: Statement by an IMF Article IV Mission to Panama