Moderators Moderator_03 Posted February 21 Moderators Share Posted February 21 Quote Panama remains on EU’s tax haven blacklist Posted 20/02/2024 The European Union (EU) on Tuesday removed the Bahamas, Seychelles, Belize, and Turks and Caicos from its blacklist of tax havens after these jurisdictions approved measures to improve their tax cooperation with the group of 27. Following the decision adopted by the Member States, 12 territories appear in the directory: Panama, Russia, American Samoa, Anguilla, Antigua and Barbuda, Fiji, Guam, Palau, Samoa, Trinidad and Tobago, the US Virgin Islands and Vanuatu. The list, which has been in operation since 2017 and is updated every six months, includes those jurisdictions that fail to comply with EU standards on tax transparency, tax fairness or implementation of international standards to avoid the erosion of the tax base or the transfer of benefits, and that they also do not take steps to address these problems. Being included in it does not entail economic sanctions, beyond the prohibition of European funds transiting through entities located in these jurisdictions and administrative measures, such as more frequent audits, although States may decide at the national level to impose other types of penalties. The EU decided to remove the Bahamas and Turks and Caicos from its list because the OECD has softened its recommendations to both countries due to their deficiencies in applying the rules on economic substance requirements - which prove that companies are actually active -, which has led the 27 to consider that they meet the standards set for jurisdictions without corporate tax or with a nominal tax only. For their part, Belize and Seychelles had been included on the list after a negative evaluation by the OECD on their standards for the exchange of tax information. Given that both have applied changes that have led the OECD to grant them a new review “in the near future”, the EU has decided to remove them from the list until the results are available, as explained by the Council in a statement. Gray list On the other hand, the EU has also updated the so-called “gray list”, which includes those jurisdictions that do not fully comply with the EU standards to be considered cooperatives, but that have committed to making changes to comply. Israel and Aruba emerged from it after having undertaken the promised changes regarding the automatic exchange of financial information, as well as Albania and Hong Kong, after having amended tax regimes considered harmful by the EU. Botswana and Dominica also no longer appear, after the OECD gave them a positive evaluation on the exchange of information on demand. Of the four jurisdictions that have left the blacklist, Belize and Seychelles continue to appear in the gray list, awaiting the review of their information exchanges, along with eight other jurisdictions: Costa Rica, Turkey, Curaçao, the British Virgin Islands, Malaysia, Armenia, Eswatini and Vietnam. The EU will update its list again next December. https://www.newsroompanama.com/news/panama-remains-on-eus-tax-haven-blacklist Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted March 7 Moderators Share Posted March 7 Quote The IMF Recommends Increasing Taxes in Panama Posted 07/03/2024 Héctor Alexander, Minister of Economy and Finance, said that it will be necessary to analyze the recommendations made by the International Monetary Fund (IMF) to the country, which proposed reducing the fiscal deficit and increasing various taxes. Héctor mentioned that the recommendations are important, interesting and thought-provoking. But the idea of increasing taxes is currently rejected. It suggests reducing the fiscal deficit, increasing income, as well as increasing ITBMS taxes on cigarettes, alcohol, and fuel among other items. ''I feel that raising the ITBMS tax and any other type of tax, whether municipal or national, does not make any sense, especially at this stage when the government is changing. This must be in the management plans of the candidates of the new government who are running and want to lead our country,'' said Edgar Barsallo, president of the National College of Accountants. On the other hand, economist Juan Jované assured that the problem is really with the legal entities and that is where the State should have more presence to ensure that they pay. Some support that rather than increasing taxes, it is necessary to reduce government spending...''What we have to do first is make reductions in State spending, and once the reductions are made, we would have to see if it is still necessary to create some type of tax or not, but that is something that must be studied. "These are decisions that cannot be made lightly," said Moisés Cohen, businessman. Some economists consider that there are sectors that generate more and pay less. ''The service sector, which represents more than a third of the economy, barely contributes 27% to the ITBMS, while the industrial sector, which does not even reach a fifth of the economy, contributes 72.2%. The weight of the economy is in the service and it does not provide what is necessary to guarantee the solvency of the State budget,'' said Reyes Valverde, economist. The International Monetary Fund also points to social security, suggesting increases in the retirement age and an increase in the quota, among other controversial measures. https://www.newsroompanama.com/news/the-imf-recommends-increasing-taxes-in-panama Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted March 11 Moderators Share Posted March 11 Quote Banking in Panama by Foreign Countries is Growing Posted 09/03/2024 As an expat living in Panama, why would you leave your money in your home country when the banking system in Panama is world class and ever growing? Deposits from foreign countries totaled over $40 million by the end 2023. For a small country of under 5 million people, the banks are are doing very well. Nearby Costa Rica contributed 2.34 million, Venezuela with 2.377 million and Colombia led the way with 8.735 million dollars in bank deposits to Panama. Why isn’t there more North American or European money arriving from those foreigners retiring here? The financial outlook in Panama is driven by a 12.8% increase in foreign deposits, with Colombia remaining the market leader. At the end of last year, the International Banking Center (CBI) registered a total of $40,320 million in external deposits, of which 72% were time deposits with $29,146 million, which reflects that international clients select this financial center as a hub of savings and investment to protect your resources. 17% of the deposits were demand deposits that totaled $6,699 million and 11% were savings for $4,475 million. In proportion, external deposits represented 38.4% of the total of $105,117 million of CBI resource collections, while local deposits reached the figure of $64,798 million in 2023 and represented 61.6% of the deposit portfolio. The dynamism of external credit was due to the better economic performance in Panama since many capitals seek to protect their money in markets with a stable currency like the dollar, in the middle of a region like Latin America and the Caribbean, with high exchange rate volatility and devaluation of currencies. According to the report from the Superintendency of Banks of Panama, Colombia has stood out as the main country of origin of these deposits, followed by Venezuela, Costa Rica, the Dominican Republic and Ecuador. “The variation in the geographical distribution of these deposits reflects the differences in the economic performance and financial policies of each country, but more importantly, it shows the trust placed by international clients in the banking entities established in the local market,” Superintendent Amauri Castillo highlighted. https://www.newsroompanama.com/business/banking-in-panama-by-foreign-countries-is-growing Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted March 20 Moderators Share Posted March 20 Quote Panamanian Economy Grew 7.3% in 2023 Posted 18/03/2024 The GDP in 2023 was $78,823.4 million, an increase of $5,374.1 million compared to 2022. Regarding the GDP in nominal terms, it was $83,382.4 million, with a growth rate of 9.0% compared to the previous year, which corresponded to an increase of $6,859.9 million. The increase in GDP in 2023 was driven by the dynamic growth of various sectors of the internal economy such as construction, which registered an increase of 36.7% in the value of construction permits, in addition to the good performance in the wholesale and retail trade sector due to the 7.3% increase in fuel sales. Positive figures were also recorded in the activity of the manufacturing industry with an increase of 17.7% in concrete production. The slaughter of pigs also grew by 1.0% and poultry by 0.7%, alcoholic beverages by 2.4%, electricity with thermal generation by 95.4%, land transportation with increases in passengers in the Metro by 14.9% and to a lesser extent Mi Bus with 0.1%, runner capacity at 6.4%; Financial services, telecommunications, real estate and business activities, among others, also contributed significantly. https://www.newsroompanama.com/business/panamanian-economy-grew-73-in-2023 Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted March 22 Moderators Share Posted March 22 Quote Panama Pineapples to be Shipped to New Zealand Posted 22/03/2024 Panamanian pineapple has a new market in New Zealand, a country in Oceania, which approved an import provision that opens the options of selling the product grown in Panama. New Zealand required inspections of pineapple production sites in Panama by their New Zealand technical inspectors, and with constant communication between both countries, this market was able to be opened. “For the first time, Panamanian pineapples will arrive in Oceania, for the benefit of national pineapple producers and exporting companies.” highlighted MIDA. Pineapple production mostly comes from Panama Oeste with 79.6% of the total harvested, followed by Chiriquí with 20.2% and other provinces with minimal contributions. In 2023, pineapple exports reached 12.68 million kilos, which compared to 12.90 million kilos in 2022, represented a reduction of 1.70%. Between 2022 and 2023 there were 25.59 million kilos of pineapple fruit exports. https://www.newsroompanama.com/news/panama-pineapples-to-be-shipped-to-new-zealand Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted March 25 Moderators Share Posted March 25 Quote World Bank Approves a $350 Million Dollar Loan for Panama Posted 24/03/2024 The World Bank executive board has approved a new loan for Panama for $350 million dollars as of this past Friday March 22nd. The financing is for programs focused on reducing emissions and improving resilience to climate change. The financing is part of the development policy program (DPP) on Climate Resilience and Green Growth and will support the country in reforms aimed at decarbonizing the transportation and energy sectors, the multilateral organization indicated in a statement. Likewise, part of the resources will be allocated to programs that seek to generate the capacities required in the task of adaptation and mitigation of the effects of climate change. The World Bank detailed that this $350 million dollar project will support the reforms established on two levels: The first level focuses on promoting a clean energy transition, low-carbon and socially inclusive growth, and technological innovations for disaster preparedness. “In accordance with this component, Panama will continue to strengthen the regulatory and regulatory frameworks that were created to reduce emissions from the energy and transportation sectors. This level supports political reforms aimed at rural electrification through renewable energies and digital connectivity that will benefit women and indigenous territories.” The second level will help Panama continue developing capabilities to manage its natural resources sustainably and plan for climate change. The agency explained that this includes support for instruments that contribute to improving climate planning and governance, such as the National System for Adaptation to Climate Change and Climate Change Scenarios, which will function as a basis for planning public and private investments for the future. “Panama's ability to support rapid economic growth and further reduce poverty is interconnected with its ability to adapt to climate change and mitigate its effects,” said Michel Kerf, World Bank regional director for Central America and the Dominican Republic. Michel Kerf said that the programs to reduce carbon emissions and accelerate the energy transition demonstrate Panama's commitment to achieving a sustainable and resilient future in the face of climate change. The agency explained that this credit operation is based on the previous development policy loan (PPD), on Climate Resilience and Green Growth approved by the World Bank in April 2023. “During the 2019-24 period, the Government of Panama carried out political reform actions and measures related to the energy transition and climate resilience, as part of its process to decarbonize the transportation sector and, at the same time, mitigate the negative effects of climate change on the national economy,” said the Minister of Economy and Finance of Panama, Héctor Alexander. https://www.newsroompanama.com/news/world-bank-approves-a-350-million-dollar-loan-for-panama Quote Link to comment Share on other sites More sharing options...
Brundageba Posted March 25 Share Posted March 25 Possibly the government can now afford the medicines and equipment the CSS hospitals cry for. Another idea......garbage management. Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted March 26 Moderators Share Posted March 26 Quote The Solid Performance of Panama Banks Posted 25/03/2024 The risk rating agency Moody's said this past Monday that it maintains the stable outlook for Panama's banking system (Baa3) given the forecast that "the solid performance" of the banks will offset their prediction of a sharp slowdown in the country's economic growth in 2024. The strong history of the Panamanian bank, which has solid capital and a low appetite for risk, will also counteract the effect of the political noise prior to the presidential elections on May 5th as well as the possible weakening of consumer confidence in companies, indicated in the rating agency's report. The economic slowdown, evidenced by growth estimated at 2.5% for this year compared to 7.3% in 2023, will affect the recovery of portfolio quality, but banks' lower appetite for risk and strong Capitalization will help contain risks, according to Moody's. The rating firm anticipates that Panamanian banking interest income may fall due to the low business volume expected for the next 12 months, and high rates will keep financing costs high, which may harm the system's profits. Adjustments to provisions for credit losses in a weakened economy will also affect the final results in 2024 of Panamanian banks, whose profits grew by 42.6% in 2023, compared to the previous year, according to data from the Superintendency of Banks of Panama (SBP) published by the local press. https://www.newsroompanama.com/news/the-solid-performance-of-panama-banks Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted March 29 Moderators Share Posted March 29 Quote $630 Million in Treasury Notes Cancel Panama Bank Debts Posted 28/03/2024 Panama’s Cabinet authorized the issuance of Treasury notes for $630 million to cancel the debt held by Panama's banks. The resources will be paid through public debt securities to cancel debts for preferential interest granted by banks on mortgage loans and for tax incentives for restorations in the Old Town, reported President Laurentino Cortizo. The banks will again receive public debt securities as part of the payment for the section of preferential interest granted on mortgage loans, as well as for tax incentives for restorations in the Old Town. In total, the banks will receive $651.5 million in these financial instruments, as reported by the President of the Republic, Laurentino Cortizo Cohen, on the social network X. “I announced to bank representatives that the State debt of $651.5 million for preferential interest, and preferential interest for Restoration of the Old Town, will be canceled through Treasury Notes and via budget, without affecting the 2024 fiscal deficit,” the national leader said. Later, the Presidency of the Republic reported that the Cabinet Council authorized the issuance of Treasury notes for an amount of up to $630 million for the payment of obligations derived from the preferential interest regime. The Minister of Economy, Héctor Alexander, highlighted that with this operation, President Cortizo's administration leaves the debt with the banks "cleansed" in terms of preferential interest. He recalled that when the president began his administration in 2019, he canceled the entire debt with the banks for more than $400 million. The funds collected in these issues of Treasury Notes will be for the payment of all tax credits validated by the Tax Incentives section of the General Directorate of Revenue as of January 31, 2024, to mortgage creditors with debts greater than B/.5.2 million of preferential interest derived from mortgage loans. Part of the resources issued in securities will also be to recognize tax incentives for restorations in the Old Town of credit applications validated as of January 31, 2024. This is not the first time that they have paid off the debt for the preferential interest tranches through securities. In December 2023, the Government paid $208 million to the banks with treasury notes that were traded through an issue on the Latin American Stock Exchange Latinex. https://www.newsroompanama.com/news/630-million-in-treasury-notes-cancel-panama-bank-debts Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted March 30 Moderators Share Posted March 30 Quote Panama Government Disagrees with Fitch Posted 29/03/2024 The Panama Government disagrees with the Fitch Ratings. This reduction 'does not reflect a correct evaluation of the macroeconomic and social situation of Panama'. According to the Government, the country's economic fundamentals remain solid. The government reaction comes after Thursday morning, when Fitch Ratings lowered Panama's rating and removed the country's investment grade. The official communication highlighted that the rating agency's report stated that the closure of the mine was an important factor in the decision made. “The closure of the mine will significantly affect growth this year, given that it represents around 5% of GDP (through direct and indirect effects) and 7% of current external income,” Fitch Ratings indicated. The rating agency also downgraded the country's long-term foreign currency issuer default rating to “BB+” from “BBB-,” with a “stable” outlook. For the Government, this reduction "does not reflect a correct evaluation of the macroeconomic and social situation of Panama" and also gives greater relevance to the closure of the copper mine and the political situation in the country. According to the Panamanian government, the country's economic fundamentals, which support the credit rating, remain solid, with robust economic growth, low inflation, a reduction in the level of unemployment and compliance with fiscal goals. “Our economy grew by 7.3% in 2023 and we have complied with the decreasing fiscal limits, established in the Fiscal Social Responsibility Law since 2020.” A point that the Panamanian government highlighted is that the rating agency's report stated that "Panama's performance is better than expected in recent years and suggests an increase." “The Republic of Panama deplores the unusual timing chosen by Fitch Ratings to issue this report. It is striking that the rating agency has made this decision to lower Panama's rating, just 38 days before the general elections on May 5. This is contrary to the position usually adopted by risk rating agencies during electoral periods”. https://www.newsroompanama.com/news/panama-government-disagrees-with-fitch Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted April 1 Moderators Share Posted April 1 Quote Fitch Downgrade of Panama Investment Grade Posted 31/03/2024 Panamanian banks will have to deal with a scenario of higher interest rates, more expensive external and internal financing and be more prudent; economists say warning about the effects of the loss of Panama's investment grade. The dean of the School of Economics at the state University of Panama, Rolando Gordón, said that in this past five-year period of the Cortizo Government “public finances have been very poorly managed,” with an increase in debt. Waste, the mining crisis, and water shortages affected Fitch’s decision to drop Panama’s investment grade 10 key points. The authorities “did not dare to make the necessary reforms” in the context of low tax collection, unemployment “that remains high” and a crisis in social security, said the dean. "Now we need to see what the other rating agencies say," S&P and Moody's, which also granted investment grade to Panama in May and June 2010, respectively, although "they will most likely follow" Fitch, Gordon explained. Here is what the smart money investors are doing in Panama. It is not the time to bail. It is time to buy low and later sell high. Investing in Panama for the long term is where it's at, because we all know that Panama is strong, has the canal and the world renowned banking system. Panama lost its investment grade on Thursday, March 28th after being downgraded by the rating agency Fitch by placing the debt at BB+. The government that comes out of the polls on May 5th "is going to have a lot of economic difficulty to deal with and has to get to work quickly before losing the public's trust," said Gordon, who agrees with other economists that among the effects of the loss of investment grade are the increase in the cost of money for the country and a fall in foreign investment. Panamanian banks will surely “be very cautious because (interest rates) are already high. And Panama banks are in great shape so they do not want to suddenly kill the goose that lays the golden eggs” with more increases that will affect credit, he added. Economist Felipe Chapman explained that the next government will have to make difficult and unpopular decisions very early to amend the path. “The country urgently needs austerity decisions, great fiscal discipline, which means being much more efficient in tax collection,” as well as reviewing subsidies and spending, he concluded. Fitch pointed out in its report that it “expects that the majority of the probable winners” of the general elections on May 5th “will make some efforts to address” the fiscal challenges, although it clarifies that an expected slowdown in growth, a tense social context and the fragmentation of parties can limit “the margin for assertive action.” The decision by the Fitch rating agency to downgrade Panama's debt to BB+, which means the loss of investment grade, did not surprise the market, nor did it surprise the economists who had been warning of this danger and who are again asking, this time to the Government that will take office next July, will and commitment to fiscal discipline. In a recent report, Fitch downgraded Panama's rating to BB+ from BBB- and gave it a stable outlook, the latter given the country's "solid medium-term growth prospects" focused "on logistics activities and Panama's strategic asset." the interoceanic Canal. Just as Fitch was the first agency to grant investment grade to Panama, which occurred in March 2010 thanks to the positive trend in credit metrics since 2005, as it argued then, it has now also been the first to remove it, citing the “fiscal and governance challenges” aggravated by the social context that led to the closure of a large copper mine. Panamanian economist and Professor Felipe Argote assured everyone that Fitch's decision “is no surprise,” because a few weeks ago the Government created some very large Government bonds. “What that tells you is that the market has already decided that Panama does not have investment grade. What the rating agency is doing is simply confirming what the market has already decided,” added the expert economist and businessman. https://www.newsroompanama.com/news/fitch-downgrade-of-panama-investment-grade-1 Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted April 10 Moderators Share Posted April 10 Quote The Panama Investment Club Starts Now Posted 09/04/2024 Investments Panama is a new feature here on Newsroom Panama. We have a retired Financial Advisor from the States who will assist us with forming an Investment Club. Other experienced financial individuals will be joining us. It will be a separate entity from the regular day to day news. We will most likely form other clubs depending on your interests, the reader. We want to hear about your best investments in Panama, and ones to avoid. We are only looking for tried and true ‘blue chip’ type investments that have been around a long time and are doing well. We will have all investments looked into by certified accounting people to make sure it is going to be successful for you. If you have an interest in investments, big or small, leave me a note by email panamanewsroom@gmail.com and I will make a list and the club will begin. As to what we will invest in, that will be something that we will all decide as a group or as individuals. As an example, we know of a Panama Finance Company in business for 9 successful years and offering a special of 9% yearly interest, for investments of $10,000 or more, paid monthly to your Panama bank account. We also know of a lawyer who can open an International Panama bank account for you if you are not a resident of Panama. Email me and let’s get this party started. Telly https://www.newsroompanama.com/news/the-panama-investment-club-starts-now-1 Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted April 12 Moderators Share Posted April 12 Quote Panama's Economy Gets Good News Posted 11/04/2024 If you are looking for investments internationally, Panama is becoming a focal point for many groups and individuals. William Maloney, chief economist of the World Bank for Latin America and the Caribbean, said that everything indicates that Panama's economy will grow 2.5% this year despite the loss of income from mining and by 2025 it is estimated that it will reach rate of 3.5%. He also specified that by 2026 the perspective is that the country's gross domestic product (GDP) will grow between 4% and 4.5%. “Obviously the closure of the copper mine has had an impact on the country's growth and fiscal positioning and that is part of what led to the loss of the rating by Fitch,” Maloney mentioned. He argued that Panama must strengthen its fiscal position and find other sources of growth in the absence of mining income. “There is an effort to be more aggressive in collecting taxes and they are going to have to look for other sources of income,” he noted. The expected growth for 2025 of 3.5% is subject to the country maintaining its attractiveness as a foreign investment destination. With the May 5 elections to happen soon, and with an excited roster of Presidential candidates bursting at the seams to get into power and get things moving again, the balance of 2024 and 2025 look to be great years for Panama. The Panama Canal is expecting a lot of rain and moving from 27 ships a day to 36, the Panama banks are happy, and new banks are moving into Panama from other countries. The EFG bank from Switzerland is now in Panama. Their target audience is high net worth clients both in Panama and other countries in the region. Panama continues to be the focus of interest of Spanish investors. 76% of Spanish companies will increase their investments in Latin America in 2024 and Panama appears among the countries with a presence of 22% of SMEs from Spain. We will be providing you with the latest up to date financial news here so stay tuned. If you have an interest in joining our new Investment Club at Newsroom Panama, send us a request to put you on our list. Our email is PanamaNewsroom@gmail.com https://www.newsroompanama.com/news/panamas-economy-gets-good-news Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted April 12 Moderators Share Posted April 12 Quote EFG International Private Banking and Wealth Management Posted 11/04/2024 “We want to consolidate ourselves as one of the best brands in international private banking and wealth management.” Those are powerful words from the Global CEO of the Swiss banking group called EFG to 100 collaborators during the regional banking conference this past March in Panama. He continued…”A fundamental element in achieving this goal is the bank's Latin American division, which experienced double-digit growth in 2023, becoming one of the most developed regions within the bank. This positive trend is anticipated to continue with the opening of the Panama operation, designed to serve high net worth clients both in Panama and other countries in the region.” The senior vice-president of EFG said….“Previously, EFG already had a considerable presence in Panama, serving financial institutions and insurance companies. The start of this project in Panama will expand our capacity to serve Wealth Management clients through our experienced team of advisors. ” The CEO of EFG in Panama said….“For us, the most important thing is to have a team of professionals who not only stand out for their capacity, but also for their understanding of the market and its needs .” EFG traces its origins to the 1980 acquisition of Geneva-based Banque de Dépôts by the Latsis family, who are still the majority shareholder. In 1995, the bank adopted the name EFG International, with headquarters in Zurich. Since then, it has established more than 40 locations worldwide and has more than 3 thousand employees. Its recently opened office in Panama has a team of 21 people of different nationalities and is located in the Argos Tower in the Santa María Business Park, Panama City. https://www.newsroompanama.com/news/efg-international-private-banking-and-wealth-management Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted April 14 Moderators Share Posted April 14 Quote Panama Banks are Extremely Happy Posted 13/04/2024 Banks in Panama are pleased with their performances. According to data provided to us from the Panama banking system, the mortgage portfolio is maintaining sustained growth year after year, ranking in the first place within the total credit balances with an amount of US$20,626,474,788 as of February 2024, distributed in 333,563 commitments. 96% of people pay their mortgages on time, and at the end of February 2024, only 4.3% of people have arrears of more than 61 days, which indicates that it is a very healthy portfolio. Personal loans occupy the second place with an amount of US$7,982,411, divided into 610,841 bonds as of February 2024 with an average balance of 13,068, reflecting an increase of 5% compared to the same period in 2023, with a balance of US$7,599,900,033, with a default of 3.8% at more than 61 days. Car loans in banking institutions in February 2024, totaled a balance of US$1,923,216,354, reflecting an increase of 5.9% compared to the same period of the previous year, when it had a balance of US$1,815,095,523. The Banks in Panama are happy. The largest bank is Banco General and they are so happy that they are Yappy!!! Number 2 in Panama is Banistmo with their mothership in Colombia where they are the number one bank in that country, and the bank is called Bancolombia. Who brings the most money into Panama and has always done so? Colombians of course. I do remember many years ago when we would see Colombian's bringing in suitcases of cash into Banco Nacional. It certainly doesn't happen like that any more, at least in public sight. It is actually very difficult to bring large amounts of cash into Panama these days without major scrutiny as to the origin of these funds. https://www.newsroompanama.com/news/panama-banks-are-extremely-happy Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted April 17 Moderators Share Posted April 17 Quote The Consumer Price Index Jumped Dramatically in March Posted 16/04/2024 We don’t have to tell you, the shopper, that most things cost more these days. The Consumer Price Index jumped dramatically in March compared to the same month last year, up 1.7%. Health, food, transportation and restaurants showed increases. Transportation prices were recorded up 5.5%; miscellaneous goods and services 3.1%; restaurants and hotels 2.8%; housing, water, electricity and gas 2.3% and health 1.3%, food and non-alcoholic beverages 0.9%. Education costs were up 0.7% and alcoholic beverages and tobacco were higher by 0.5%. The groups that registered decreases were: Clothing and footwear by 2.0%; Recreation and culture with 0.8%; Furniture, household items and for ordinary home maintenance at 0.4%; and Communications at just 0.3%. Only in March compared to February of this year the urban CPI was 0.3%. Increases in transportation groups of 1.9% were recorded in this period; miscellaneous goods and services 0.4%; alcoholic beverages and tobacco 0.3%; housing, water, electricity and gas; furniture, household items and for ordinary home maintenance; and restaurants and hotels, all 0.1%. The transportation group reflected an increase in three of its seven classes. The greatest variations occurred in the classes: passenger transportation by air, which registered a variation of 2.8%, due to the increase in the price of plane tickets; and an increase was also reported in the segment of fuels and lubricants for personal transportation equipment by 4.7%, due to the increase in the price of automobile fuel. The increase reflected in the miscellaneous goods and services group was due to growth in 4 of its 10 classes. The greatest variation occurred in the health-related insurance segment, which rose by 6.4%. While the increase registered in the alcoholic beverages and tobacco group was due to the increase in one of its four classes. The main variation was in the distilled beverages class, which rose by 6.9%. The CPI in the districts of Panama and San Miguelito, from March 2024-23, reflected an interannual variation of 2.2%. The CPI for the rest of the urban population, for March 2024-23, registered an interannual variation of 1.6%. https://www.newsroompanama.com/news/the-consumer-price-index-jumped-dramatically-in-march Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted April 20 Moderators Share Posted April 20 Quote Panama Pledges to Meet the Fiscal Goals of the Country Posted 19/04/2024 Panama pledges to meet the fiscal goals of the country as the Cobre mine in Donoso pictured above will only produce half of the money that Panama had hoped for due to its closure. They were expecting 5% growth in the country but now it may only be 2.5% unless the new Government on May 5 when elected gets moving on some serious money making projects. Keeping Panama’s investment-grade status will be of prime importance to the new Government to keep the investors happy. Panamanian officials are meeting rating firms this week to reinforce their commitment to fiscal and growth targets amid rising investor concern about the country keeping its investment-grade status. “We are on a downward path — in a progressive way — in the fiscal consolidation, and on an upward path in the growing of the economy,” Deputy Finance Minister Jorge Almengor said Thursday in an interview on the sidelines of the International Monetary Fund and World Bank meetings in Washington. “We hope that they understand.” I still have a feeling that mining will one day be back in Panama, but environmentally, monetarily or managerially changed somehow for the good of everyone involved. We have some folks who have sent some good suggestions which I will post here at various times. This idea from Tristan. In the heart of Panama, the Cobre Panama mine stands as a beacon of industrial strength, representing one of the largest copper production sites globally. As the mine plays a crucial role in Panama's economy, a growing discourse suggests a bold move—nationalizing 51% of the mine. This proposal envisions a unique division of ownership, with stakes held both by the Panamanian government and its citizens. This article explores the viability and potential impacts of such a nationalization. Nationalization isn't a novel idea but comes with a complex legal landscape. In Panama, this would require amendments to existing laws and potentially the constitution, to allow the government to take ownership of a majority stake in what is currently a private enterprise. International precedents vary—while countries like Bolivia have seen relative success, others have faced economic backlash and litigation. The key would be ensuring compliance with international investment treaties and providing fair compensation to avoid disputes. The economic implications of nationalizing a major mine are profound. On one hand, direct control over a significant portion of mineral wealth could boost government revenues and potentially lead to greater economic independence. On the other hand, it risks alienating foreign investors and could disrupt the operational efficiencies that multinational expertise brings. A careful economic analysis suggests that for success, Panama would need to maintain high standards of transparency and governance to manage the mine effectively under new ownership structures. Political appetite for nationalization must align with public opinion. Given the current global tilt towards economic nationalism and sovereignty, there might be substantial support for such a move in Panama. However, political leaders would need to tread carefully, balancing national interests with international relations, particularly with countries involved in the existing ownership of the mine. The proposal of splitting the 51% stake between ordinary Panamanians and the government is revolutionary. It would not only democratize wealth from Panama’s natural resources but also embed a sense of ownership and responsibility across the populace. This model would require robust systems to handle logistics, distribution of profits, and overall management, ensuring that the mine's operations remain world-class. The idea of nationalizing 51% of the Cobre Panama mine presents both significant opportunities and notable risks. For Panama, this could mean a reassertion of national control over critical economic assets and a redistribution of wealth that could empower its citizens. However, this path demands careful planning, widespread public and political support, and stringent safeguards to ensure that the transition bolsters the nation’s economy without sacrificing the operational excellence that the mine is known for. As Panama stands at this crossroads, the decision to nationalize could set a precedent for how resources are managed and profits are shared, not just within the nation but as an example to others in the region. The journey towards nationalization, if taken, will require a concerted effort from all sectors of society to turn potential into prosperity. https://www.newsroompanama.com/news/panama-pledges-to-meet-the-fiscal-goals-of-the-country Quote Link to comment Share on other sites More sharing options...
Moderators Moderator_03 Posted Sunday at 12:28 PM Moderators Share Posted Sunday at 12:28 PM Quote Panama Bank Loans Will be Easier to Access Posted 21/04/2024 The Banking Association of Panama hired the services of a consulting firm, which will help provide ideas to facilitate access to credit. Carlos Berguido, its president, acknowledged this week that they have not done enough to boost loan flows to small and medium-sized businesses. "We hired a consultancy, with a very well-known firm, to give the banks an idea on how to facilitate credit analysis so that the client who is a small and medium-sized company can access loans more easily and without so many requirements," he told Newsroom Panama. The association has already received the results and is in the process of analysis. The intention of the banking sector is to take some of these conclusions to develop programs over the next few years to serve these entrepreneurs. Regarding the possible future loss of investment grade and its impact on credit, Berguido stressed that it will continue to be easy to access products, although perhaps the complications are accentuated in the most vulnerable sectors. https://www.newsroompanama.com/news/panama-bank-loans-will-be-easier-to-access-1 Quote Link to comment Share on other sites More sharing options...
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