PanamaTimes

Tuesday, Mar 19, 2024

Panama Solidario Plan and bank flexibility are extended

Panama Solidario Plan and bank flexibility are extended

The banking flexibility and the benefit of Panama Solidario, seek to provide economic relief to people affected by the COVID-19 pandemic.

The President of the Republic of Panama , Laurentino Cortizo, announced that the Panama Solidario Plan that will run until December 31, 2021, as well as the extension of bank flexibility that was scheduled to end on June 30.

Panama Solidario

Cortizo explained that it is a new Panama Solidarity Plan, which seeks to continue providing necessary relief to those who still need it, and the beneficiaries must provide a community social service or receive personal training at Inadeh.

"In this way, the new Panama Solidarity Plan encourages the personal improvement of the beneficiaries with opportunities for training and, on the other hand, encourages citizen participation in the search for solutions to the problems of their communities, contributing to the economic recovery of the country" , he detailed.

The Panama Solidario assistance program, made up of food bags, physical vouchers and the Digital Voucher, was created with the intention of providing economic relief to people affected by the COVID-19 pandemic.

Initially, the beneficiaries were approximately 1 million 350 thousand families. As the economy reactivated, the number of beneficiaries at the national level has been reduced.

This measure of reduction in the number of beneficiaries is due to the fact that in recent months, thousands of employment contracts have been reactivated in Panama.

Flexibility for payment of bank commitments

On the other hand, President Cortizo announced that the Superintendency of Banks established guidelines to expand support to bank clients and achieve flexibility in the payment of loans from debtors with income affected by the pandemic.

Cortizo explained that to access this payment flexibility, the affected people must approach their bank, support their economic situation and reach an agreement before September 30, 2021.

“For example, if you have a 10,000 loan with a monthly payment of 300 and you can only pay 150 balboas, or if you cannot pay your loan and credit card due to lack of income, in both examples, it is important approach your bank, support your financial situation and reach an agreement with the bank before September 30, "he said.

Cortizo argued that "if you do not reach your bank, the bank assumes that you can pay, and if you approach your bank and formalize an agreement, you will not lose your house, your car or any other guarantee."

He added that depending on the economic reality of each person, the payment agreement and a possible grace period may be extended beyond December 31, 2021.

He stressed that economic recovery is not possible without the support of loans provided by Panamanian banks.

"Bank loans are essential for economic recovery and job creation," he warned.

The banking flexibility in Panama, applicable in banks, finance companies and cooperatives, was announced as a relief measure by Cortizo in July 2020 in the face of the economic crisis caused by the pandemic.

This measure is aimed at people whose employment contract has been suspended, independent workers and merchants whose activity has been affected by the health measures caused by COVID-19.

Bank flexibility does not represent the elimination of the financial obligations or commitments that citizens have with these entities, but rather a period of suspension of payment of these debts. It is extensive in residential, personal, auto mortgage loans, credit cards, loans to small and medium businesses, commercial loans, in addition to loans granted to the transportation and agricultural sectors.
Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Apple warns against drying iPhones with rice
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
×