The Panamanian issue of $500 million in "Panda" debt securities could be made in the course of the second half of the year, in the Chinese capital market.
With this issue, the Panamanian government plans to take advantage of the most favorable financing conditions offered by the Chinese securities market, compared to the local market and even other developed markets.
The Financial Action Group of Latin America recognizes the efforts that are being made to classify evasion as a criminal offense, but once again points out that the main threat is the inflow of financial flows linked to illicit activities committed abroad.
From the report "Mutual Evaluation of Panama - January 2018":
In Panama, $13 million were approved to sign lease agreements with landowners where Del Monte will reactivate banana production in Barú, Chiriquí.
With the disbursement approved by the Cabinet Council, part of the contracts to lease farms may be signed so that Banapiña, a subsidiary of Del Monte, can start the process reactivating banana production in Barú.
The Varela administration is assessing the possibility of making the requirements to grant tourist visas to Chinese citizens more flexible, in order to attract tourism and investments from the Asian country.
The possibility was raised by representatives of the Panamanian government to their Asian counterparts on an official tour that is taking place in China.
Presenting a fiscal balance as a success while continuing to increase public debt is to disguise the fact that the government is still spending more than it collects.
"Even if a monkey dresses in silk, it is still a monkey"
EDITORIAL
The habit of the governments to spend more than what they earn is as old as the Spanish saying about the monkey dressed in silk. Fiscal indiscipline is a cancer that corrodes the foundations of economies, and in Latin America it has become a habit that even has defenders within the Academy.
Panama's decision to establish diplomatic relations with the People's Republic of China is a promising step towards turning the country into a gateway for investments by the Asian giant in the region.
EDITORIAL
Although Panama is not the first country to break diplomatic relations with Taiwan in order to establish them with China, with Costa Rica having done so in 2007, it is the only country in the region that has the necessary logistical and commercial conditions to become an ideal platform for Chinese investments.
The construction company has one week to respond to the proposal put forward by the Panamanian government, which is geared towards cancelling the award of the Chan II hydroelectric station at no cost to the State.
The Ministry of Finance submitted the proposal to the Brazilian construction company on January 26, and it has one week to respond and start to coordinate the withdrawal from the construction project on the dam now known as Bocas del Toro.
The Panamanian government has decided to cancel the project to build a park in San Francisco, Panama City, after several civic groups opposed the move.
In the resolution published on 16 January by the Ministry of the Presidency, notice of cancellation was given for the tender which consisted of the design, construction and equipment of Recreational Park Omar, in the district of San Francisco, Panama.
The Panamanian government has announced that until the dispute over tariffs is resolved, it will keep in abeyance the agreement signed with Colombia to buy two ships for $30 million.
As part of the trade dispute caused by the tariffs imposed by Colombia on imports of Panamanian footwear and textiles, the Varela administration has announced the suspension of a contract signed in October with Cotecmar, a company linked to the Colombian Defense Ministry.
The OECD report describes the country's compliance between July 2012 and June 2015 as "unsatisfactory", but highlights progress made in recent months.
From a statement issued by the Ministry of Foreign Affairs:
As part of the annual meeting of the Global Forum of the Organisation for Economic Co-operation and Development (OECD), the report on Panama regarding the implementation of standards for transparency and exchange of information for tax purposes was approved and recognition given to the significant progress made by the country in recent months, highlighting the commitment to automatic exchange of information, updating the legal framework to facilitate international cooperation and the recent accession to the Convention on Mutual Administrative Assistance in Tax Matters (MAC, for short).
The agency highlights the country's macroeconomic stability, while noting a slight deterioration of fiscal indicators in recent years.
From a press release issued by Moody's:
New York, October 25, 2016 -- Panama's Baa2 rating with a stable outlook reflects the country's strong economy and its broad macroeconomic stability, says Moody's Investors Service.
The balance of public debt as of September 30 reached $21 billion, while current state revenues cover 10 times its obligations for interest and fees.
Despite the increase recorded in the total public debt in recent years, growth of gross domestic product has reduced the debt / GDP ratio from 66% in 2005 to 38% in 2015.
Prensa.com reports that "...The balance of government debt up to September 30 stood at $21 billion 589.6 million, representing a decrease of $78.2 million compared to the previous month but an increase of $1,623.4 million compared to the existing balance a year earlier."
The concessionaire of the hydroelectric project states that it is not part of the agreement announced by the government and that it hasn't ruled out taking legal action to protect its investment.
From a statement issued by Genisa Generadora del Istmo:
About a year and a half has passed since the National Government decided to establish a dialogue with the Indigenous Commission regarding the Barro Blanco project.Genisa has never been part of that dialogue table; however, during this time, decisions have been taken and continue to be taken that have resulted in suspensions and delays in the construction and operation of the project, which has resulted in cost overruns, losses due to loss of profits, risks and
Panamanian farmers will have $4 million a year available to use to increase the inventory of cattle to 2 million head in 2019.
An article on Panamaamerica.com.pa reports that "...Ranchers have set a target to achieve, by 2019, some 2 million head of cattle, because the inventory has been reduced due to the effects of El Niño. "
"... Last week the government pledged to allocate $4 million a year to meet the goal of reaching 2 million breeding stock of cattle in the country, in order to eliminate the slaughter of heifers and young cows."