Panama Secures $1.24 Billion Loan Boost from Citibank

Panama's government has finalized a significant financial agreement with Citibank, securing a loan of 1 billion Swiss francs, equivalent to $1.24 billion. This was confirmed by the country's economy and finance ministry in a statement issued on Wednesday.

The loan will be disbursed in U.S. dollars and features an annual interest rate of 2.39%. According to the ministry, the funds are intended to address the seasonal liquidity needs outlined in the 2025 General State Budget, as well as other fiscal needs in coming years.

The ministry's announcement specifies a currency exchange rate of $1 equaling 0.8046 Swiss francs, providing clarity on the financial terms of the agreement.

(With inputs from agencies.)