12 May 2020 – Cabinet Council approves $350 million CAF loan

Type of Intervention: Financial and Economic
Sectors Involved: Executive Office
Intervention Categories: Finance policy and financial aid
Level of Jurisdiction: National
Lead People/Agency: Ministry of Economy (leading)

Overview: The Cabinet Council approved a loan contract between the Republic of Panama, represented by the Ministry of Economy and Finance (MEF), and the Andean Development Corporation (CAF), for up to US$ 350 million to finance the needs of the General State Budget effective 2020, in order to mitigate the fiscal and economic contractions related to COVID-19. The loan, freely available and quickly disbursed, will allow the Panamanian government to advance in the measures of social and economic reactivation applicable to mitigate the impact of the new coronavirus pandemic.
During the same session of the Cabinet Council, Decree No. 16-20 was approved , authorizing the subscription of a credit line between Citibank, N.A and Tocumen International Airport, S.A., for up to 25 million balboas/US Dollar.

Full details here: https://www.presidencia.gob.pa/Noticias/Gabinete-aprueba-prestamo-de-CAF-por-350-millones-de-balboas-para-financiar-necesidades-del-presupuesto

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Type of Justification: No justification given