[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111102-en":3,"doc-seo-111102-105":28,"detail-sidebar-cat-0-en-105":88},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":20,"language":21,"language_code":22,"site_id":23,"html_lang":22,"table_of_contents":24,"faqs":25,"seo_title":13,"seo_description":14,"update_tm":26,"read_time":27},111102,687197100911,"Himbo","https://ap-avatar.wpscdn.com/avatar/a000239b6f1da00475?x-image-process=image/resize,m_fixed,w_180,h_180&k=1782698725881665579",8,"Research & Report","Panama - First Panama Fiscal Management and Growth Development Policy Financing Chair Summary - December 18, 2025","The Executive Directors approved a development policy financing package for the Republic of Panama to strengthen fiscal sustainability and mobilize private capital. Financing includes a US$500 million IBRD loan (IBRD Loan No. 9906-PA) and an IBRD Policy-Based Guarantee up to US$600 million, supporting up to US$1.4 billion in commercial lending via first-loss and second-loss guarantee layering with MIGA NHSFO coverage. Directors praised the reform program, highlighted efforts to exit the EU non-cooperative tax list, and emphasized market-access gains.","Public Disclosure Authorized Public Disclosure Authorized  \nPanama  \nFirst Panama Fiscal Management and Growth Development Policy Financing  \nChair Summary*  \nDecember 18, 2025  \nThe Executive Directors approved a development policy financing (DPF) for the Panama Republic to enhance fiscal sustainability and promote private capital mobilization, including (i) an IBRD loan of US$500 million (IBRD Loan No. 9906-PA), and (ii) an IBRD Policy-Based Guarantee (PBG) in the amount of up to US$600 million. The commercial loan of up to US$1.4 billion will be guaranteed by the IBRD PBG on a first-loss basis and will benefit from a MIGA Non-Honoring of Sovereign Financial Obligations (NHSFO) guarantee provided on a second-loss basis. Mr. Wisner wished to be recorded as abstaining.  \nDirectors commended the Panamanian authorities for advancing a strong reform program as outlined in the DPF policy actions, anchored in credible fiscal consolidation and important measures to promote private capital mobilization. Among these, Directors highlighted the Government’s efforts to exit the EU list of non-cooperative tax jurisdictions.  \nDirectors welcomed the One-World Bank Group approach of this operation, taking note of the innovative optimization of IBRD and MIGA balance sheets, and the layering up of guarantees to support Panama’s efforts to mobilize financial resources at favorable terms, thus underscoring the impact of the policy program. They commended management for testing this Originate-andDistribute model through a replicable framework for enhanced market access.  \nDirectors noted that despite its income status, Panama continues to face development and institutional challenges. In this vein, they noted potential risks to the operation, including those related to climate disasters and repayment constraints, encouraging Management to ensure adequate safeguards are set in place. They also encouraged the Panamanian authorities to maintain focus on structural reforms in key areas such as tax systems and subsidy expenditures, to foster sustainable medium-term growth, attract private investment in strategic sectors, and support the creation of more and better jobs, and in doing so using the programmatic DPF series to help advance these.  \n*This Summary is not an approved record.","cbCaihMyIc934T5U","https://ap.wps.com/l/cbCaihMyIc934T5U","pdf",93099,1,"English","en",105,"# Key approval and financing structure\n## IBRD loan and policy-based guarantee\n## Guarantee layering and MIGA NHSFO\n# Reform program and governance focus\n## EU tax jurisdiction exit efforts\n## Structural reforms, safeguards, and medium-term growth\n# Operational approach and risk considerations\n## One-World Bank Group model\n## Climate and repayment constraints","[{\"question\":\"What financing instruments were approved for Panama?\",\"answer\":\"The approval included a US$500 million IBRD loan and an IBRD Policy-Based Guarantee of up to US$600 million, alongside support for up to US$1.4 billion in commercial lending through guarantee layering with MIGA second-loss NHSFO coverage.\"},{\"question\":\"Why did Directors commend the Panamanian reform program?\",\"answer\":\"Directors commended the program’s credible fiscal consolidation and measures aimed at mobilizing private capital, including efforts to exit the EU list of non-cooperative tax jurisdictions.\"},{\"question\":\"What risks and safeguard issues were highlighted?\",\"answer\":\"Directors noted that Panama faces development and institutional challenges and encouraged Management to ensure adequate safeguards, particularly regarding climate disaster risks and repayment 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