Banks rescheduled Panama’s $663-million debt.
Bank of America, as lead bank in a 13-member creditor committee, said the package will include $60 million in new loans and $603 million in rescheduled notes falling due in 1985 and 1986. The pact follows Panama’s agreement in April with the International Monetary Fund on a $120 million, two-year accord. The moves are intended to encourage efforts by Panama, which has total debt of $3.6 billion, to stimulate production and exports.
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