Company: CIB
Filing Date: 2025-11-14
Form Type: 6-K
Source: 0002058897-25-000052
Chunk: 23

Company: Grupo Cibest S.A.
Filing Date: 2025-11-14
Form: 6-K
Chunk 23
---
adding to the complex budgetary outlook); (ii) the imposition of new tariffs on Colombia (with a low probability of occurrence according to recent statements) with implications for the conditions of the FTA. It is worth noting that this situation could significantly impact the economic framework, especially regarding external accounts, which already face complex challenges.

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#### Panama
During the third quarter of 2025, Panama entered a phase of political stability following agreements between the government and major unions after May–June protests. The government negotiated a phased return of operations with Chiquita Brands, which had announced its exit in May 2025. The agreement restored some investor confidence and signaled the government’s commitment to protecting foreign investment.

Fiscally, Panama retains Investment Grade ratings from Moody’s and S&P, with country risk declining during the quarter (reflected in sovereign debt valuations and CDS levels). The government is expected to comply with the fiscal rule this year, crucial for maintaining its rating.

#### Guatemala
Guatemala maintains a dynamic political environment focused on institutional stability and governance. The administration promotes transparency, public investment, and judicial strengthening amid democratic transition and political restructuring.

Internally, challenges persist due to social demands and public perceptions of security, infrastructure, and services. Teacher protests and limited public project execution highlight the need for dialogue and interinstitutional coordination. Despite these issues, macroeconomic stability and prudent fiscal management support internal and external confidence.

The country is developing a national integrity and anti-corruption strategy to reinforce compliance culture and institutional controls. Discussions continue on judicial independence and protection of justice operators, key to democratic strength and legal certainty.

Internationally, Guatemala has increased participation in multilateral and regional cooperation forums, promoting alliances on migration, border security, environment, and sustainable development. These efforts support a stable profile with strategic partners and financial institutions.

Overall, Guatemala shows signs of political consolidation, with openness to dialogue, technical cooperation, and democratic institutionalism. These factors suggest a trend toward moderate political stability, supported by macroeconomic balance, international coordination, and commitment to governance and rule of law.

#### El Salvador
Constitutional reforms approved in Q3 2025 include: withdrawal from the Central American Parliament, authorization of presidential reelection, and elimination of runoff elections, president and vice president will be elected by simple majority. The presidential term was extended from five to six years, with reelection not extending the previous mandate. The electoral calendar was unified: in 2027, elections will be held for president, vice president, legislative deputies, and municipal councils