The Cortizo Era BeginsMonday, July 1, 2019 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. Economic Reopening: Plan for PanamaWednesday, August 26, 2020 The Cabinet Council endorsed the updated National-Provincial Reopening Plan, which is based on biosafety indicators and the effective reproduction rate of covid-19 cases, and contemplates starting to reopen productive activities as of September 7. Following the implementation of this plan, the construction industry and related activities (engineers, architects, project managers, contractors, moving and hauling services), the Panama Pacifico Special Economic Area, the Colon Free Zone and free zones, private marinas and sport fishing, as well as tailors and dressmakers, shoe shops and car wash will reopen in the country on September 7. Panama Issues $2 Billion in the International MarketThursday, July 18, 2019 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). Panama: Plan to Reactivate TourismThursday, May 27, 2021 The Cabinet Council approved several impact measures for the reactivation of the tourism sector and the economy, including the Master Plan for Sustainable Tourism 2020-2025. The Master Plan for Sustainable Tourism (PMTS) 2020-2025 will focus on strengthening the institutional capacity of the ATP, investing in the country's tourism promotion, improving the tourism products offered by Panama and in infrastructure, maintenance and basic services. Tax Amnesty to Reactivate the EconomyTuesday, February 16, 2021 In order to reactivate the Panamanian economy that has been damaged by the outbreak of covid-19, the Ministry of Economy and Finance will present to the National Assembly a bill to extend the tax amnesty and approve new tax relief measures. The Cabinet Council, led by President Laurentino Cortizo Cohen, authorized, today, the Minister of Economy and Finance, Hector Alexander to present to the National Assembly, the bill extending the tax amnesty, as well as new tax relief measures with a view to reactivate the national economy, explains an official document. Economic Recovery May Be DelayedTuesday, November 5, 2019 Although Panamanian businessmen recognize that in the first months of the Cortizo administration there have been advances that could improve the performance of the local economy, it is predicted that the reactivation could take longer than expected. The gradual elimination of price control, the creation of the PPP regulatory framework and greater flexibility in preferential interests in the housing market are the most important advances that the productive sector has recognized to the Cortizo government. |
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