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Latin America Investment News on Viva Tropical

Lack of Fiscal Transparency a Threat to Panama

Article Summary:

The International Finance Corporation could cancel loans to companies operating in Panama, if the country does not meet the required standards on exchanging tax information.

Original Article Text From Prensa via Google Translate :

Ifc Expects The Country To Overcome Assessments

Although in the last directory, the International Finance Corporation (IFC), World Bank’s private arm, adopted measures affecting considered Panama to be very transparent in taxation, the agency has continued to provide loans to local entities.

However, the director for Mexico and Central America of the IFC, Roberto Albisetti warned that if Panama does not pass the next assessment would have to suspend funding to Panamanian companies or holding companies established in the country. “If the country failing to pass this test (Pepper one review), then the matter is complicated and would be denied loans,” said Albisetti.

But he hopes that with the modifications already in discussion of various laws, especially of bearer shares, the country overcome this phase, what precisely is being advised by the IFC.

This entity has available $ 500 million in financing, which includes a commitment to the redevelopment of the Canal. Expected for the next three to four years may have available another $ 150 million. On Tuesday signed a $ 25 million loan with BBVA Panama, which will be used to support small businesses, with a focus on agribusiness.

The official stressed that the agency is interested in participating in all the businesses that will bring the expanded Canal, as well as his desire to engage in renewable energy projects, education and health.

Albisetti praised the behavior of the Panamanian economy and its geographical position, key elements in the entity’s decision to establish an office in the country.

Also recommended that you take a greater role in regional integration agenda.

Link to Original Article:

From Prensa

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