In US Dollars, the projected public investment will triple the amount of the previous government, which invested 4.5% of the gross domestic product.
Martinelli aims for the state to replace the private sector as the economic engine of the country through investment in infrastructure, at times when the crisis has lowered employment and foreign direct investment.
The difficult job of overcoming the economic crisis will have a very eclectic guide who will combine big state projects with the drive of private enterprises.
The economic maneuvering announced in new Ricardo Martinelli’s inaugural address, will have four main axes: The construction of the Metro and the completion of big public works projects that are already underway, along with the maintenance of the momentum of the construction industry after completing the expansion of the Canal. A social policy that includes the use of subsidies for the construction of housing projects. A Ministry has been created for the promotion of small and medium sized businesses. Finally, opening the Panamanian economy to more international trade through more free trade agreements.
IMF Board Completes Sixth Review of the Expanded Credit Facility and approves release of $8.9 million
Economic performance in 2010 was satisfactory. Gross Domestic Product (GDP) grew by 4.5 percent, underpinned by a strong performance in consumption and investment; the fiscal performance (especially in tax revenues) was better than expected, and the balance of payments also strengthened.
IMF Executive Board Completes First Review of Honduras' Economic Program.
The Executive Board of the International Monetary Fund (IMF) today completed the first review of Honduras' economic performance under a program that combines two different IMF credit lines, the Stand-By Arrangement (SBA) and the Stand-By Credit Facility (SCF).
On May, the board of the IMF could approve it and disburse $18 million, out of $35.6 pledged for 2010.
Antenor Rosales, president of the Central Bank of Nicaragua, stated that the Government successfully passed the fourth revision of its macroeconomic program with the International Monetary Fund (IMF), known as Extended Credit Facility (ECF).
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