OFFICIAL
DOCUMENTS
THE WORLD BANK
IBRD * IDA I WORLD BANKOROUP
t(4j     (  /_, 2020
His Excellency
Mr. Hector E. Alexander H.
Minister of Economy Finance
Ministry of Economy Finance
Republic of Panamd
Re:    PanamA: First Amendment to Loan No. 8087-PA (Disaster Risk Management
Development Policy Loan)
Excellency,
We refer to the Loan Agreement between the Republic of Panami (the Borrower) and the
International Bank for Reconstruction and Development, (the Bank), dated January 4, 2012, (the Loan
Agreement), with respect to the above-captioned operation. Please note that capitalized terms used in
this letter (the Amendment Letter) and not defined herein have the meaning ascribed to them in the
Loan Agreement.
Pursuant to the Borrower's Letter dated March 13, 2020, requesting the restructuring of the
operation to modify the definition of State of Emergency, I am pleased to inform you that the Bank
hereby proposes to amend the Loan Agreement as follows:
I.    Section II.E.1 of Schedule I to the Loan Agreement is modified in its entirety to read as
follows:
"No withdrawal shall be made of the Single Withdrawal Tranche unless the Bank is satisfied,
based on evidence satisfactory to it, that a State of Emergency (Estado de Emergencia) exists
in the Borrower's territory to respond to an imminent or occurring catastrophic disaster which
has been declared by the Borrower, through a Cabinet Resolution (Resolucion de Gabinete),
all in accordance with the Borrower's legislation."
2.     Paragraph 9 of the Appendix to the Loan Agreement is modified to read as follows:
"State of Emergency" means a declaration by the Borrower, through a Cabinet Resolution
(Resoluci6n de Gabinete), of a state of emergency (Estado de Emergencia) due to a
catastrophic disaster generated by natural phenomena or health-related events, pursuant to the
Borrower's Law No. 7 of February 11, 2005 and any other legal instrument, compatible with
the existing regulation of a State of Emergency, that the Borrower may introduce from time
to time with the previous agreement of the Bank.                                      - a
All other provisions of the Loan Agreement, except as amended in this Amendment Letter,  i t
shall remain in full force and effect.
Please confirm your agreement with the foregoing Amendment Letter, on behalf of the
Borrower, by signing and dating this Amendment Letter in the spaces provided below. This
Amendment Letter shall be executed in two counterparts each of which shall be an original and one
of which shall be returned to us. The provisions set forth in this Amendment Letter will become


effective as of March 13, 2020, upon receipt by the Bank of one fully countersigned original of this
Amendment Letter.
Please also note that the attached restructuring paper will be disclosed on the Bank's external
website.
Sincerely,
INTERNATIONAL BANK FOR
RECONSTRUCTION AND DEVELOPMENT
iso Abel L. Caamafio
Country Manager
AGREED:
REPUBLIC OF PANAMA
By:
Authorized Representative
Name:      C        4K%  E Ait cti
Title:   ktI  -Yo     - ,
Date:      P//22
REFRENDO:
General Comptroller o          blic of Panama
By:                                                CA D   4
Authorized Re resen tive
Name:
Title:                       6P
Date:                                             ;OEr
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