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Panama in talks with Fund on $2.8 billion standby

Thursday, November 22, 2012

Panama will launch talks with the International Monetary Fund for a contingency fund worth $2.8 billion.

The money would be used in case Panama suffers the effects of a financial crisis, said the country's economy and finance minister, Frank de Lima.

After a Fund mission visited the country for an audit, they recommended Panama not to exceed its allowed fiscal deficit of 2.9 percent, de Lima added.

Source (in Spanish): Panamá América