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  • Post Covid 19 Transition - WA#43
    Post Covid 19 Transition - WA#43

    Bank financial statements to September 30

  • As of September 30, deposits abroad of private banks rose 17.4% in the quarter to $1.2B. Cash was $1.3B, a quarterly decrease of –1.0%. The sum of both accounts (green bars) is equivalent to 19.6% of monetary deposits, .4 point more than in June. (red curve). (WA#43)

  • The pandemic triggered the worst contraction on record: the authorities and the IMF consider that the recovery is more sluggish than expected, even relative to other countries in the region. The IMF predicts that only in 2023 will the economy return to the size it had in 2019. (WA#42)

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Weekly Analysis Briefs

  • 43.- POST COVID 19 TRANSITION

    The IMF stresses that the financial system has emerged well from the crisis caused by the pandemic and that the economy is showing signs of recovery. The Fund believes that the financial system is ready for a transition that by the end of 2021 will fade away the extraordinary measures adopted to face the crisis. Banco del Pacífico, a state-owned...

  • 42.- AIMING FOR QUALITY SPENDING

    The update of the agreement with the IMF clears all doubts about the fiscal adjustment policy that the Lasso government will adopt and shows a totally different vision from the one initially outlined in the 2021 budget. The Lasso government asked the IMF to reorient fiscal policy to sustain economic recovery. The government undertook to carry o...

  • 41.- THE (LIKELY) TAX REFORM

    The President proposed a lengthy draft law which included a tax reform featuring a substantial income tax increase on those earning from $23K a year up. For those at the lower end of that range, the effective tax rate is a multiple of the current tax burden. It also proposes a temporary equity tax. The Assembly rejected the bill, opening the way...