The board of directors of the Panama Savings Fund (FAP) reported that on July 16, 2020, it approved transferring $85 million from the National Treasury Fund, by request of withdrawal from the Ministry of Economy and Finance (MEF).
According to the MEF request, this amount will be used as follows:
• $ 80 millions – is to reinforce the program called “Housing Solidarity Fund”. It aims to contribute $ 10,000 to people who want to purchase a home for the first time that does not exceed $60,000.
• $ 5 million – to support the programs in execution of the Ministry of Health regarding the purchase of equipment, medical supplies, medicines, among others.
The FAP will execute for the first time one of its main mandates for which it was created, to provide support to the country to face the difficult economic and health situation caused by the COVID-19 pandemic.
This withdrawal is carried out in accordance with article 5 of Law 38 of 2012, which creates the FAP, which authorizes that the resources may be used during a state of emergency.