Panama: Financial Stimulus Program is Ready
The terms and conditions of the Financial Stimulus Program for banks to access the $1.11 billion are ready.
Tuesday, April 14, 2009
The banking industry has repeatedly indicated that for the program to be attractive, it should allow the use of funds without the submission of collateral. However, according to an article in Prensa.com, a government source said: "It is going to be difficult to omit this requirement [the filing of collateral] because the Government is responsible for the use of this money."
Three financial companies have requested a total of $100 million from the Financial Stimulus Program, which up to now had not been utilized.
The $500 million contributed by the IDB for the financial incentives program will be available beginning on May 10.
The National Bank has announced the terms and conditions under which PEF loans can be accessed.
Panamanian banks will not use Financial Stimulus Program funds due to their terms and conditions.
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