A panacea is a remedy for all diseases or problems. There is no need to use all after it: a panacea for our economic problems means a remedy that will solve all the problems of the economy. It is sometimes misused to mean a remedy which is extremely effective for a specific problem: a panacea for the common cold. Avoid this.
Red symbolizes the revolution of 1984. The five-pointed star is said to signify the revolution or freedom. Green stands for the country's natural resources. Effective date: 4 August 1984.