New economic and financial measures
The Panamanian government adopts economic and financial measures to counteract the effects of COVID-19 in the Republic of Panama
In order to ease economic pressure on individuals and legal entities that have been affected by the crisis caused by the COVID-19 pandemic, the Panamanian government has established a moratorium on residential mortgage loans, personal loans, auto loans, loans to small and medium-sized companies, credit cards, loans to the transport sector, loans to the agricultural sector, and consumer loans granted by banks, cooperatives and finance companies.
To benefit from this moratorium, interested parties must produce evidence of the state of incapacity or insolvency for the payment of the financial obligations detailed above.
Those obligations that are extended due to this moratorium will not carry surcharges for late payment or payment of any other administrative expenses and will not affect the beneficiary's credit rating.
Considering that the approved law is of public order and social interest, the moratorium will take effect retroactively from 1 March 2020 and will last until 31 December 2020.
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