The President of Panama ordered the Social Security Fund to suspend the award of the contract for the service of storage, distribution and final dispensation of medicines at the national level, for a four-year period.
Although at the beginning of the Cortizo administration it was announced that the price control system for the basic basket would be gradually removed, now the Panamanian president is threatening to add products that were already excluded again, if their prices rise.
On January 7, it was confirmed that the price control on 14 products of the basic family food basket would be extended for six more months, a measure that was rejected by the Panamanian business sector.
The gradual abolition of price control, the creation of the PPP regulatory framework and greater flexibility in preferential interests in the housing market are the advances recognized by Panamanian businessmen in the first 100 days of the Cortizo era.
After passing the three debates in the National Assembly, President Cortizo sanctioned the law creating the Public-Private Association regime in Panama.
According to the Law that came into the hands of the Executive, companies that are delinquent in the payment of fines for breach of contracts, will have limitations to participate in these public concession model.
After the Cortizo administration announced that Panama will limit itself to signing a partial scope agreement, Chinese authorities reported that they are still interested in negotiating a high-level free trade agreement.
For the business sector, the issuance of $2 billion in bonds by the government is positive, since "it allowed the country to quote, for the first time in history, a bond for more than 20 years with an interest rate below 4%.
On July 17, the Panamanian government was able to issue bonds for $1.25 billion with a 3.160% interest rate and maturity in 10 years (2030), and others for $750 million with a 3.870% rate and maturity in 40 years (2060).
President Cortizo announced the implementation of a plan that contemplates expanding the preferential interest rate for homes with prices of up to $180,000.
During his inauguration, Laurentino Cortizo announced that he will implement a plan to reactivate the construction industry, which includes the extension of the preferential interest in different ranges for housing up to $180,000, the presentation of a real estate leasing bill and exemption from transfer tax for the current inventory of housing, among other actions.
From July 7, eggs, macaroni, beans, lentils, chop, shank, breast and tuna will no longer be part of the list of products whose prices are controlled in Panama.
The measure consisting of the regulation of 22 products of the basic basket, which was initially announced as transitory, became permanent in the country, since it began to apply on July 7, 2014, and during the Varela administration was extended nine times, leaving negative balances at the discretion of some sectors.
The brand-new Cortizo administration announced that it will gradually eliminate the price control system for 22 products of the basic basket, in force since July 2014.
The measure, which was initially announced as temporary, became permanent in the country, as it came into force on July 7, 2014, and during the Varela administration it was extended nine times, leaving negative balances to the discretion of some sectors.
Laurentino Cortizo, who came to power after promising a campaign to reactivate the economy, make constitutional reforms and make structural changes in several entities, assumes the presidency of Panama on July 1.
Laurentino Nito Cortizo Cohen, a member of the Democratic Revolutionary Party, won the presidential elections by a narrow margin at the beginning of May, concentrating nearly 33% of the votes. Cortizo's electoral victory comes against a backdrop of Panama's economic slowdown, since in 2018 the country's Gross Domestic Product reported a 3.7% year-on-year growth, far from the increases of 11.3% and 9.8% reported in 2011 and 2012, respectively.
Laurentino Cortizo, candidate of the alliance of the Democratic Revolutionary Party and Molirena, the new president-elect of Panama, will have to assume the leadership of a country whose economy has been slowing down in recent years.
The most recent results of the Electoral Tribunal detail that Laurentino Cortizo, of the Democratic Revolutionary Party (PRD), won by a narrow margin, concentrating 33.2% of the votes. He was followed by Romulo Roux of Democratic Change with 31%, independent candidate Ricardo Lombana with 19.1% and in fourth place the ruling Jose Isabel Blandon only managed to capture 10.6%. See full results.
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