IMF predicts Panama 6%  rebound

 
1,373Views 0Comments Posted 16/05/2019

 

Members of the Executive Board of the  International Monetary Fund (IMF) met with  President Juan Carlos Varela , the Minister of Economy and Finance, Eyda Varela de Chinchilla, and representatives of Panama’s financial and business community during  a three-day official visit that ended on Thursday, May 15 .

At the end of the mission, the directors issued a statement that Panama's economic model as a logistic, trade and financial center has positioned the country as one of the most dynamic economies in the region.

"Successful policy frameworks, free trade, high investment, the emergence of a vibrant service sector and the expansion of the Panama Canal" are highlighted as a reflection of the "solid economic foundations of the country,"said the bulletin.

The IMF projects that Panama will grow 6% in 2019  in what would be a considerable rebound from 3.7% in 2018.

 

To settle the "good economic prospects", the agency expects fiscal discipline to be maintained, as well as efforts to improve the fight against money laundering and financing of terrorism and tax transparency.

 

The Executive Board of the IMF is the body in charge of the daily management of the body. It consists of 24 members, who in turn represent several countries.

 

The delegation consists of Alexandre Tombini, executive director for Panama, Brazil and nine other countries; Zhongxia Jin, director for China; Thomas Ostros, director for Sweden; Maher Hamed Mouminah, director for Saudi Arabia; Sami Geadah, deputy director for Lebanon, and Piotr Trabinski, deputy director for Poland.

Panama does not have any financial assistance or support program with the IMF reports La Prensa, . However, the agency has collaborated with the country by providing technical assistance and capacity development in order to strengthen the supervisory capacity of economic authorities and modernize the administration and control of income.


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