Negative ratings bracket Panama  with Macao and Lebanon

The negative Fitch and Moody ratings reveal the “questionable handling “ of  the pandemic with one of the “the worst performances in the world, next to economies such as Macao, the Maldives and Lebanon said  Panama’s Chamber of Commerce, Industries and  Agriculture (Cciap) on Sunday, February 7 .

According to the Cciap,  “This is reflected in the loss of thousands of jobs and companies that we now Chamber to recover without first reiterating the support that the Government must show us. It is time to open the economy in a sustained way, “added the Chamber.

It indicated that we are all called to understand the impact of the reduction of the risk rating and to take the measures “to move Panama forward.”

“During the last few years, by maintaining investment grade, we have enjoyed as a country high foreign investment and unprecedented access to financial markets, which has allowed significant economic growth leveraged in infrastructure works, commercial and residential construction. ; as well as the development of our connectivity hub that boosted tourism, creating thousands of jobs,” said Cciap

According to the union, when an increase in indebtedness is not accompanied by an increase in productivity to sustain its growth, the risk rating immediately deteriorates, access to credit becomes difficult and more expensive for the country, as well as for companies and citizens. “When countries lose their investment grade, eventually, they can lose access to credit and foreign investment,” it added.