04407oam 22011534 450 991015174520332120230808200312.01-4755-5090-11-4755-5096-0(CKB)3710000000952154(MiAaPQ)EBC4745282(IMF)1PANEA2016002(EXLCZ)99371000000095215420020129d2016 uf 0engurcnu||||||||rdacontentrdamediardacarrierPanama : Selected IssuesWashington, D.C. :International Monetary Fund,2016.1 online resource (62 pages) illustrationsIMF Staff Country Reports1-4755-5086-3 Includes bibliographical references.This Selected Issues paper assesses the effectiveness of Panama's fiscal framework. The fiscal framework of Panama has played an important role in enhancing fiscal discipline since its establishment in 2009. Since the current fiscal framework went into effect in 2009, the primary balance and debt-to-GDP ratio of the nonfinancial public sector have improved significantly on average compared with those in 2000–08. The fiscal impulse given the output gap also shows that fiscal policy was less procyclical in 2009–15 than in 2001–08. However, there are options to better align the framework with best practice, including reducing unintended procyclicality, increasing transparency, and improving accountability.IMF Staff Country Reports; Country Report ;No. 2016/338Fiscal policyPanamaBanks and BankingimfFinance: GeneralimfMacroeconomicsimfPublic FinanceimfPoverty and HomelessnessimfFiscal PolicyimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfInternational Lending and Debt ProblemsimfFinancial Institutions and Services: Government Policy and RegulationimfWelfare, Well-Being, and Poverty: GeneralimfPortfolio ChoiceimfInvestment DecisionsimfBankingimfFinancial services law & regulationimfFinanceimfPoverty & precarityimfOffshore financial centersimfLiquidity requirementsimfFiscal governanceimfPovertyimfFinancial servicesimfFinancial regulation and supervisionimfFiscal policyimfLiquidityimfAsset and liability managementimfBanks and bankingimfInternational financeimfState supervisionimfPanama Canal (Panama)Design and constructionPanamaimfFiscal policyBanks and BankingFinance: GeneralMacroeconomicsPublic FinancePoverty and HomelessnessFiscal PolicyBanksDepository InstitutionsMicro Finance InstitutionsMortgagesInternational Lending and Debt ProblemsFinancial Institutions and Services: Government Policy and RegulationWelfare, Well-Being, and Poverty: GeneralPortfolio ChoiceInvestment DecisionsBankingFinancial services law & regulationFinancePoverty & precarityOffshore financial centersLiquidity requirementsFiscal governancePovertyFinancial servicesFinancial regulation and supervisionFiscal policyLiquidityAsset and liability managementBanks and bankingInternational financeState supervision627.137097287DcWaIMFBOOK9910151745203321Panama1187121UNINA