The Board of Directors of the Superintendency of Banks of Panama issued Agreement 8-2025 amending its credit risk management framework for the loan portfolio and off-balance sheet exposures to recognise guarantees granted by the Panama Guarantee Fund as a credit risk mitigant. The amendments update Articles 39, 41 and 42 of Agreement No. 4-2013 by adding item 16 to Article 39, a new point (e) to Article 41, and item 16 to the table set out in Article 42. The changes enter into force upon promulgation in the Official Gazette.