españolThe Cost of Minting CoinsWednesday, September 9, 2015 For every coin of 25 cents made by the Royal Mint of Canada, the Panamanian government paid 19 cents. Data collected from documents published on PanamaCompra by Prensa.com shows that "... This year, the MEF signed with the Canadian company a contract for the manufacture of 12 million coins in denomintions of 25 cents with a value of 2 million 280 thousand US dollars. " Panama: ITBMS Retention Comes Into Effect on February 1stTuesday, January 19, 2016 The arrangement involves withholding a portion of the tax on the transfer of movable goods and services, and is mandatory for companies that accept payments using credit and debit cards. Despite the private sector's proposal in December to postpone it until June 2016 , the entry into force of the obligation to retain 50% by way of Transfer Tax on Goods and Services (ITBMS), the Directorate General of Revenue (DGI), informed taxpayers that new withholding mechanisms for the tax on Transfer of Goods and Services (ITBMS), will come into effect from 1 February 2016, including retention by companies that handle credit and debit cards. Government Seeks Hydroelectric RecoveryTuesday, October 29, 2019 Two decades after selling 49% of the shares of the Bayano hydroelectric dam to AES, the Panamanian government is preparing to begin negotiations to buy the shares held by AES. The authorization for the government to begin negotiations was completed through Cabinet Council Resolution No. Panama: Fiscal Figures up to September 2017Tuesday, November 14, 2017 In the third quarter of the year, the fiscal deficit was 2.4% of GDP, with a 6% increase in total expenditures compared to the same period in 2016. A report presented by the Ministry of Finance of Panama shows that the deficit of the non-financial public sector amounted to $1.43 billion at the end of the third quarter, registering an increase of $585 million. Panama: Fiscal Deficit Down to 2% of GDPFriday, February 5, 2016 With an adjustment permitted by law the fiscal deficit of the nonfinancial public sector totaled $1,034,000 at the end of 2015, equivalent to 2% of GDP. Prensa.com reports that "...The total balance of the year showed a larger deficit of $1.460 billion (2.8% of GDP), but the government turned to a possible mechanism in the law which has to do with the absence of contributions to the Savings Fund of Panama in order to adjust the deficit to 2%, the limit set by the Social Fiscal Responsibility Law for the last year. " Panama: $110 million Loan for Sanitation WorksFriday, October 2, 2015 It has been announced that using a loan from the Development Bank of Latin America a second waste water treatment module in the Bay of Panama will be financed. The National Economic Council (CENA) gave its approval to formalize the loan with the Development Bank of Latin America (CAF) to finance part of the plan to clean up the Bay of Panama. Funding for Metro Line 2Tuesday, September 30, 2014 The Ministry of Finance has announced that the construction of Panama City's Metro Line 2 will be paid in tranches over a period of eight years from 2015 to 2022. 60% of the financing will be raised under the administration of President Juan Carlos Varela and 40% under the government administration to follow him. Between September 30 and October 3 the clarification meetings for companies interested in participating in the tender will be concluded. Less Economic Growth, More Fiscal DeficitMonday, May 27, 2019 The low dynamism in the commercial activity and in the construction, will influence so that in 2019 the growth of the Panamanian economy is of 4.5% and not 5%, which would result in a rise in the fiscal deficit. The Chamber of Commerce, Industry and Agriculture of Panama (Cciap) expects that by 2019 the country's economy will grow 4.5%, an estimate that is lower than that of the Ministry of Economy and Finance (MEF) which forecasts that economic growth will reach 5%. The Business of Mixed Capital CompaniesMonday, September 25, 2017 Revenues generated by the Panamanian State this year from its shares in companies such as Cable & Wireless, Gas Natural Fenosa and AES Panama, among others are estimated at $113 million. The projection for the end of this year is slightly lower than the figure for 2016, when the contributions from joint ventures to the coffers of the Panamanian State was $118.5 million. Panama to Issue $50 million in Treasury BillsFriday, July 31, 2015 On August 4 the Ministry of Finance will auction $50 million in Treasury notes maturing in June 2019. The auction will take place on August 4, with a settlement date on August 7 and maturity on June 5, 2019, and the resources will be used to "finance the government ... or to pay for other debt programs." Panama: Capital Market InternationalizationWednesday, July 3, 2013 Plans are afoot to allow foreign companies and investors to buy and sell on the Panama Stock Exchange with the same ease offered by stock markets of developed countries. In interview for Capital.com.pa by Marianela Palacios, the Deputy Minister of Finance of Panama Dario Espinosa, said that within the entity's work plan, one of the priorities will be the opening of the Panamanian capital market. Panama Awards $100 million in Bond IssueThursday, November 21, 2013 The Ministry of Economy and Finance received bids worth $246 million in a bond issue in which it sought to raise $250 million. Although bids were received for $246 million, "investors asked for a higher yield," reported Prensa.com. Panama: $245 Million in LoansFriday, August 4, 2017 The government is negotiating four loans totaling $245 million for social investment projects with three multilateral lenders. In the Quarterly Report: Situation, evolution and risk of public financing in Panama", four loans with three entities are under negotiation: $50 million with the European Investment Bank, $70 million with the CABEI, and another two for $125 million with the Andean Development Corporation. Tender: Heavy Machinery for $3 millionTuesday, August 2, 2016 The Ministry of Economy and Finance in Panama is putting out to tender the supply of 15 motor graders. Panama Government Purchase 2016-0-16-0-08-LV-011 526: Panama: $18 Million for Construction of MuseumTuesday, August 2, 2016 The funds will be allocated to the construction of the second stage of the Biodiversity Museum on the Amador Causeway. A statement from the Ministry of Finance states that "... |
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Friday, December 6, 2019 - last update: 4:56 pm
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