After President Cortizo partially banned the moratorium bill, the National Assembly discussed the initiative in a second debate, which was unnecessary for the Superintendent of Banks, who said that the banks had already implemented the necessary measures.
Despite the fact that on May 4 President Laurentino Cortizo and the representative of the Panamanian Banking Association, Aimee de Grimaldo, signed an agreement to extend the moratorium until December 31, 2020 due to the economic crisis caused by covid-19, the deputies declared themselves in permanent session to discuss the moratorium project (already banned by the president) in second debate in extraordinary sessions from June 15 to 18.
See “Credits in Panama: Moratorium Until the End of 2020”
Amauri Castillo, head of the Superintendency of Banks, told Panamaamerica.com.pa that “… There is no need to make the moratorium project a law of the Republic, given that the banks have promoted the necessary measures and the initiative only contemplates a part of the reality.”
Castillo said that “… the banks are asking the client to justify why they cannot pay by the end of the year and make an arrangement, since it is the most prudent and necessary thing to do. At the moment there is a lot of uncertainty and it is fundamental that the banks have contact with their clients.”
From the National Assembly’s statement:
June 16th, 2020. The legislative plenary concluded the first round in the discussion of the Bill No.287 that dictates economic and financial measures to counteract the effects of the COVID -19 in the Republic of Panama.
The deputies declared themselves in permanent session to discuss in second debate the project of moratorium in extraordinary sessions from June 15 to 18, which was banned by President Laurentino Cortizo.
The deputy president of the Government Commission, Leandro Avila, presented the report of the veto of Bill 287 due to its lack of effectiveness before the legislative plenary session, indicating that they are prepared to hold an in-depth debate, where they assured that the document is only exclusive for the issue of a moratorium.
Stay Safe!!