| Financier | Commitments |
|---|---|
| International Bank for Reconstruction and Development | 100.00 |
Second Programmatic Development Policy Loan
Abstract*
Objective of the Second Programmatic Fiscal Management and Efficiency of Expenditures Development Policy Loan Project for Panama is to support the Government of Panama in creating fiscal space and strengthening social transfer programs. The operation supports four areas that are central to the Government's reform program: (1) tax reform will support the Government's tax policy and administration reforms and its improvements in international tax information... Show More
Development Objective
The Program Development Objective of the DPL series is to support the Government of Panama in creating fiscal space and strengthening social transfer programs. This is expected to be reached via the following specific objectives: (i) mobilize tax revenue through tax policy and administration reform; (ii) improve tax information sharing; (iii) increase the efficiency of debt management; (iv) expand and improve targeting of social transfer programs. The operation is envisaged in the Country Partnership Strategy.
Key Details
Project Details
P127332
Closed
Friederike N. Koehler-Geib
N/A
November 27, 2012
(as of board presentation)
March 26, 2013
July 18, 2013
US$ 100.00 million
Ministry Of Economy and Finance
2013
US$ 100.00 million
N/A
Not Applicable
June 30, 2014
BANK APPROVED
August 16, 2023
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | 100.00 |
| IDA Commitment | N/A |
| IBRD + IDA Commitment | 100.00 |
| Lending Instrument | |
|---|---|
| Grant Amount | N/A |
| Total Project Cost** | 100.00 |
Summary Status of World Bank Financing (US$ Millions) as of July 31, 2025
No data available.
| Period | Financier | Transaction Type | Amount (US$) |
|---|---|---|---|
| Sep 15, 2023 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Sep 15, 2022 | IBRD-82390 | Int Charges | 1,232,916.00 |
| Sep 15, 2022 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Sep 15, 2021 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Sep 15, 2021 | IBRD-82390 | Int Charges | 1,337,870.00 |
| Mar 15, 2016 | IBRD-82390 | Int Charges | 1,810,000.00 |
| Sep 15, 2016 | IBRD-82390 | Int Charges | 1,820,000.00 |
| Sep 15, 2016 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Sep 15, 2014 | IBRD-82390 | Int Charges | 1,770,000.00 |
| Mar 15, 2015 | IBRD-82390 | Int Charges | 1,785,000.00 |
| Sep 15, 2015 | IBRD-82390 | Int Charges | 1,800,000.00 |
| Aug 15, 2013 | IBRD-82390 | Loan Disb | 100,000,000.00 |
| Aug 2, 2013 | IBRD-82390 | Fee Charges | 250,000.00 |
| Mar 15, 2014 | IBRD-82390 | Loan Disb | -100,000,000.00 |
| Mar 15, 2014 | IBRD-82390 | Loan Disb | 100,000,000.00 |
| Mar 15, 2014 | IBRD-82390 | Int Charges | 59,416.66 |
| Mar 15, 2014 | IBRD-82390 | Int Charges | 326,805.56 |
| Sep 15, 2018 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Mar 15, 2018 | IBRD-82390 | Int Charges | 1,695,948.00 |
| Mar 15, 2018 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Sep 15, 2017 | IBRD-82390 | Int Charges | 1,745,926.00 |
| Sep 15, 2017 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Mar 15, 2017 | IBRD-82390 | Int Charges | 1,785,904.00 |
| Mar 15, 2017 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Mar 15, 2022 | IBRD-82390 | Int Charges | 1,285,540.00 |
| Mar 15, 2022 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Sep 15, 2020 | IBRD-82390 | Int Charges | 1,434,000.00 |
| Sep 15, 2020 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Mar 15, 2021 | IBRD-82390 | Int Charges | 1,386,229.00 |
| Mar 15, 2021 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Sep 15, 2019 | IBRD-82390 | Int Charges | 1,552,486.00 |
| Sep 15, 2019 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Mar 15, 2020 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Mar 15, 2020 | IBRD-82390 | Int Charges | 1,493,096.00 |
| Mar 15, 2019 | IBRD-82390 | Int Charges | 1,599,375.00 |
| Mar 15, 2019 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Sep 15, 2018 | IBRD-82390 | Int Charges | 1,645,676.00 |
| Mar 26, 2013 | IBRD-82390 | Loan Commitment | 100,000,000.00 |
| Mar 15, 2024 | IBRD-82390 | Int Charges | 1,062,100.00 |
| Mar 15, 2024 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Mar 15, 2023 | IBRD-82390 | Loan Repay | 2,940,000.00 |
| Mar 15, 2023 | IBRD-82390 | Int Charges | 1,173,820.00 |
| Sep 15, 2023 | IBRD-82390 | Int Charges | 1,100,308.00 |
Ratings
IMPLEMENTATION RATINGS
| Name | Review | Date |
|---|---|---|
| Program Management | Satisfactory | 2014-02-12 |
| Overall Implementation Progress (IP) | Satisfactory | 2014-02-12 |
| Progress towards achievement of PDO | Satisfactory | 2014-02-12 |
| Monitoring and Evaluation | Satisfactory | 2014-02-12 |
COMPLETION RATINGS
| INDICATOR | IMPLEMENTATION COMPLETION & RESULTS REPORT: 08-26-2016 |
|---|---|
| Outcomes | Moderately Satisfactory |
| Risk to Development Outcome | Modest |
| Bank Performance | Substantial |
| Borrower Performance | Moderately Satisfactory |
| Government Performance | Moderately Satisfactory |
| Implementing Agency | Moderately Satisfactory |
INDEPENDENT EVALUATION RATINGS
| INDICATOR | ICR REVIEW: 05-02-2022 | PROJECT PERFORMANCE ASSESSMENT REPORT: 12-07-2016 |
|---|---|---|
| Outcome Rating | Satisfactory | Moderately Satisfactory |
| Risk To Development Outcome | Not Applicable/not Related | Modest |
| Bank Performance | Moderately Satisfactory | Moderately Satisfactory |
| Borrower Performance | Not Applicable/not Related | Moderately Satisfactory |
| Government Performance | Moderately Satisfactory | |
| Implementing Agency | Moderately Satisfactory | |
| Icr Quality | Substantial | |
| M&e Quality | Substantial |
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
The proxy means test is in use to select all households that enter in the Red de Oportunidades CCT program. Value 0.00 0.00 100.00 Date December 31, 2009 December 31, 2013 December 31, 2014 Comment The proxy means test used to determine eligibility has been revised this year to more accurately reflect poverty conditions. Itwill be implemented in 2014, fulfilling the medium term outcome indicator of using the revised proxy means test to select allhouseholds that enter the program. Moreover, the Government is currently conducting a targeting assessment of Red de Oportunidadesand results are expected by May 2014. The LTU covers at least 55 percent of total tax collection in 2014. Value 0.00 0.00 55.00 Date December 31, 2009 December 31, 2013 December 31, 2014 Comment The Government, through the MEF, has created the LTU within the DGI and has made it operational through: 1) the identification of72 Large Taxpayers; 2) the selection and training of ten (10) tax auditors to carry out audits of large taxpayers; and 3) thepreparation by DGI of an action plan to be implemented by the LTU in 2013 to increase tax collection from Large Taxpayers. ITBMS revenue increased by at least 1 percentage point of GDP. Value 2.10 3.30 3.30 Date December 31, 2009 December 31, 2013 December 31, 2014 Comment Data for the whole year is estimated. Central Government tax revenue as a share of GDP is at least 13 percent in 2014. Value 11.00 11.60 13.00 Date December 31, 2009 December 31, 2013 December 31, 2014 Comment Data for the whole year is estimated. [The tax revenue as a share of GDP for 2012 has been revised to 12.2 from 13.0, as it waspreviously reported.] Increased ability of MIDES to conduct recertification of beneficiaries (evidenced by resolution and recertification strategy of 100a los 70) in 2014. Value Date December 31, 2009 December 31, 2013 December 31, 2014 Comment No tools to conduct recertification. The Government through MIDES has adopted a policy and issued regulations for the better targeting of beneficiaries of the 100 alos70 program including provisions (i) to verify compliance with beneficiaries’ co-responsibilities and processes for entry to andexitfrom said program; (ii) to incorporate beneficiaries in the Registro Único de Beneficiarios; and (iii) to formally incorporatethe Secretaría Ejecutiva del Programa 100 a los 70 into MIDES. Percentage of children from the poorest quintile who receive Beca Universal. Value 0.00 0.00 70.00 Date December 31, 2009 December 31, 2014 Comment Panama has signed 12 tax information exchange agreements and has exchanged information as requested. Value 0.00 9.00 12.00 Date December 31, 2009 December 31, 2013 December 31, 2014 Comment Tax information is not shared with any country Panama has signed 9 tax information exchange agreements and responded to 21 information requests. Central government agencies and all others subject to Law 22 and its modifications use framework agreements and the number of catalogue items procured under those framework agreements is increased. Value 2452.00 6622.00 7300.00 Date December 31, 2009 December 31, 2013 December 31, 2014 Comment The number of products covered by framework agreements amounted to 2452 in 2009. The number of products covered by framework agreements amounted to 6622 in 2013. The medium-term debt management strategy is published and revised annually and corresponding debt evaluation reports compare the evolution of risk indicators with the targets in the strategy in 2014. Value Date December 31, 2009 December 31, 2013 December 31, 2014 Comment No formal debt management strategy in place. The Government, through the MEF has approved the organizational structure of the Crédito Público, including the functions andresponsibilities for each of its internal units. The Government through MEF has adopted a plan for domestic debt market developmentincluding: (i) the adoption of a policy and issuance of regulation for the promotion and functioning of the primary dealersprogram; and (ii) the modification of the contracts with international credit rating agencies to have domestic sovereign bondsrated.