30 June 2020 – Moratorium on loan repayments for people economically affected by COVID-19

Type of Intervention: Executive Order
Sectors Involved: Finance/Economy
Intervention Categories: Legal and policy; Regulatory change; Finance policy and financial aid; Monetary and macro-financial policy
Level of Jurisdiction: National
Lead People/Agency: Ministry of Economy and Finance (leading) Banking and Financial SS (implementing)

Overview: Law 156 of June 30 that dictates economic and financial measures to counteract the effects of Covid-19 in the Republic of Panama and that establishes a moratorium on loans granted by banks, cooperatives and financial companies, both public and private, until December 31, 2020, for individuals and legal entities economically affected due to the national emergency due to the pandemic.

The law promulgated, indicates that the benefits of a moratorium on loans granted by banks, cooperatives and finance companies will be available until 31 December 2020 for people who have had their employment contract suspended or terminated, independent workers and merchants whose activity has been affected by the sanitary measures applied by COVID-19.
Full details here: https://www.gacetaoficial.gob.pa/pdfTemp/29059/78936.pdf

Other links: 1
Type of Justification: No justification given