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NO to Moratorium Extension

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Credits: NO to Moratorium Extension

A few months before the expiration of the law that establishes a moratorium on loans granted by banks, cooperatives and public and private financial institutions in Panama, the banking sector expects that these benefits will not be extended.

Monday, March 8, 2021

In October 2020, President Laurentino Cortizo announced that the authorities had decided to extend until June 30, 2021, the validity of the law that establishes a moratorium on loans granted by public and private banks, cooperatives and finance companies.

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After the moratorium was extended, which was authorized due to the economic crisis generated by the covid-19 outbreak, representatives of the banking sector believe that a new extension is not advisable.

Aimee Sentmat de Grimaldo, president of the Banking Association of Panama (ABP), told Laestrella.com.pa that after June it is preferable "... to encourage debtors to contact the banks so that together they can seek restructuring and refinancing in accordance with the new economic reality."

The head of the ABP added that in the coming months it is expected that with the opening of the economy, economic and banking activity will gradually begin to recover.

Source: laestrella.com.pa



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