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Overview

Panama makes progress towards sustainable education growth
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Despite notable achievements in the past decade, including reaching universal coverage at primary level, Panama’s education sector continues to face a number of challenges. Curricular reform introduced in 2010 has increased pertinence and retention rates. At the tertiary level, the strengthening of the accreditation process for universities has also brought about improvements. However, by international…

Overview

Panama improves access to health care system
OBG
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Despite a number of setbacks, Panama’s health care sector has seen significant advancement in recent years. The former administration of Ricardo Martinelli oversaw a period of significant infrastructure expansion, and the country is closer than ever to achieving universal coverage. Elected in May 2014, the current government of Juan Carlos Varela has stated its commitment to improving access and…

Overview

Panama works to ensure favourable tax regime
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Panama utilises a territorial taxation system that levies taxes only on operations that take place or that have effects within the country’s territory. Income tax, in particular, is levied only on income that arises from a Panamanian source, regardless of the nationality or residence of the income recipient. Likewise, any service that a company established in Panama provided outside of the country…

Overview

Economic growth in Panama prompts updating of legislation
OBG
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Due to its central location, Panama’s economy is primarily based on a well-developed services sector, which accounts for nearly 83.4% of GDP. Services include the Panama Canal and its associated logistics hub, the Colón Free Trade Zone (CFTZ), banking, insurance, tourism and the international ship registry, health care and other economic sectors. Some of the main reasons for Panama’s success…
Interview

Gina Montiel, Manager, Central America, Mexico, Panama and the Dominican Republic, Inter-American Development Bank: Interview
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Interview:Gina Montiel How can Panama broaden its energy mix? GINA MONTIEL: Broadening the energy mix requires policies geared towards expanding generating capacity and diversifying sources. Availability of power has been outpaced by demand, so expanding capacity is key to maximising the economic potential of the Canal Zone. Demand is currently close to 2500 MW, 48% of which is met by hydropower.…
Interview

Isabel de Saint Malo de Alvarado, Vice-President and Minister of Foreign Affairs: Interview
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Interview:Isabel de Saint Malo de Alvarado How can Panama manage public resources to contribute to its long-term national development goals? ISABEL DE SAINT MALO: The most important way to improve public resource management is transparency and respect for the rule of law. Therefore, access to public information is key. Our administration has chosen a non-partisan head of a state agency to monitor…
Interview

Victoria Marina Velásquez de Avilés, Secretary- General, Central American Integration System (SICA): Interview
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Interview:Victoria Marina Velásquez de Avilés How can SICA capitalise on its commercial agreements with multilateral organisations in the region? VICTORIA MARINA VELÁSQUEZ DE AVILES: SICA focuses on its communitarian and supranational nature in order to strengthen social cohesion and quality of life among its peoples. The path we have chosen is a constant, gradual process of regional integration,…
Interview

Melitón Arrocha, Minister of Commerce and Industry: Interview
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Interview:Melitón Arrocha What are the strategic sectors for development? MELITON ARROCHA: The government has identified the logistics, agriculture, livestock, mining, tourism, energy, construction, services, technology and communications sectors as the pillars of economic development. With these pillars in mind, the government is working to adapt the administrative structure of the state…
Interview

Dulcidio De La Guardia, Minister of Economy and Finance: Interview
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Interview:Dulcidio De La Guardia With GDP growth forecast at 7% in 2015, why is a spurt expected after the slowdown in 2014? DULCIDIO DE LA GUARDIA: Despite an increase in public spending, 2014 was not a typical year due to the elections, which have historically had an impact on the growth rate. In addition to this, the expansion of the Panama Canal was interrupted for several weeks in the…
Interview

Erick Campos, Managing Director, Fitch Central America: Interview
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Interview:Erick Campos What needs to be done for the country to achieve an “A” investment grade rating? ERICK CAMPOS: Panama was upgraded to “BBB” in June 2011 on the country’s solid growth prospects and favourable public debt dynamics. This rating was reaffirmed in February 2015. The “stable” outlook suggests that upward and downward pressures on the rating are evenly balanced.…