Press Release

Second Withdrawal from the Fondo de Ahorro de Panama as a Result of the State of Emergency Declaration due to the COVID-19 Pandemic

Panama | September 17, 2020

The Board of Directors of the Fondo de Ahorro de Panama (hereinafter, “FAP” or “Fund”) is commitment to supporting the country and the Administration in the measures and actions taken in response to the economic and social effects of the COVID-19 pandemic, under the National Emergency Declaration framework declared by Cabinet Resolution No. 11 of march 13, 2020 (in Spanish only).

As such, and based on the withdrawal request from the Ministry of Economy and Finance (the “MOF”) and the pertinent legal and financial considerations, the FAP’s Board of Directors approved on September 16, 2020, the transfer of USD 20 million from the Fund to the National Treasury.

According to the MOF’s withdrawal request, these funds are intended to support activities related to the purchase of vaccines by the National Government.

Anamae Maduro de Ardito Barletta, Chair of the Fund’s Board stated: “this contribution is carried out in accordance to the mandates and parameters established in article 5 of Law 38 of June 5th of 2012, which created the FAP. The FAP, property of all Panamanians, is resolute in its position to support to the country in the face of this difficult economic and health crisis resulting from the pandemic.”

Abdiel A. Santiago M., Secretary of the Fund commented that “the Fund, since its inception, has invested its assets diligently and under a robust financial foundation, geared towards capital preservation, and in order to ensure the availability of funds in times of national emergency such as the one we are currently experiencing.”

About the Fondo de Ahorro de Panama

The Fund was created by Law 38 of June 5, 2012, whose main objectives are:

  1. Establish a long-term savings mechanism for the Panamanian State; and

  2. Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.

Contact: Administration, +507-394-5776/5706, administrador@fondoahorropanama.com

For additional information visit www.fondoahorropanama.com


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