Business Chamber  demands presidential leadership

  Panama’s Chamber of Commerce, Industries and Agriculture (Cciap)  has called for clear presidential leadership,from Laurentino Cortizo with specific actions that give “confidence and tranquility” to society in the face of a “tornado of situations” that Panama is going through.

In September, the Fitch Ratings agency changed Panama’s outlook from ‘stable’ to ‘negative’. “which has sown doubts at the center of official financial policy.”

So far, the Chamber indicated, “We do not see due importance or realistic receptivity on the matter. Not to mention coherent explanations in this regard.”

The Cciap also highlighted the recent reform to the Electoral Code in the middle of an electoral contest, which was converted into law on Friday by the president.

According to the Chamber, this action ignores the feelings of the citizens, “thus weakening confidence in a democratic system that must show signs of strength now more than ever.”

Austerity measures

The businessmen also said they were unaware of the austerity measures that the Government plans to implement, in the midst of an income crisis.

“The continued juggling to raise more revenue only worsens that perception. For this, we demand an urgent and necessary reduction to the budget presented.”

In addition, they pointed out that Cortizo’s administration continues to extend a series of subsidies that were originally established as temporary, without offering solid arguments about their source of financing.

Only between 2021 and 2024, through the Ministry of Social Development (Mides), the Government will allocate more than $900 million to pay for the 120 at 65, Opportunities Network, Guardian Angel, and food bonus programs.

Furthermore, the union points out, that there is a perception that this administration is unconcerned about the “serious financial situation” of the Social Security Fund’s Disability, Old Age and Death program.

Additionally, the Executive’s explanations regarding the management of Decentralization funds are still pending, coupled with an unpresentable request for a budget increase, highlighted the business union.

For this reason, they demand concrete actions from the President “as head of State, to guide Panamanians and show the will to return to the direction of the country.”