IMF now happy with Panama finances

The International Monetary Fund is apparently happy with the new tax reforms and public pending according to the machine translated article from La Prensa.

riting in La Prensa
[email protected]

Achievements like the consolidation of public finances and a strong banking system were highlighted by the Executive Board of the International Monetary Fund (IMF) at its meeting in July, the behavior of the Panamanian economy and the Ministry of Economy and Finance ( MEF).

In regard to tax reform, which came into effect in July, executives of the IMF acknowledged that the goal is to raise revenue to finance more capital spending, while improving the efficiency of the tax system.

The IMF believes that the banking system remains a strong base, aided by effective supervision and a cautious attitude of banks. "Financial indicators are solid banks with high capitalization and low default rates," he said.

The agency endorsed the credit rating was Panama in early 2010, said a statement from MEF.