Businessmen Asking for Strict Control of Public Spending
The Chamber of Commerce, Industries and Agriculture in Panama has reiterated the need for prudent management of public finances and effective control of state spending in order to avoid overspending or an increase in the fiscal deficit.
Wednesday, August 8, 2012
A press release from the Chamber of Commerce, Industry and Agriculture of Panama (CCIAP) reads:
The institution is once again emphasizing more efficient public spending and making cuts before a fiscal adjustment comes into force, in a form that is "draconian and with emergency measures".
The constant increase in Costa Rica's public debt seems unstoppable, which could generate "a sudden change in investor confidence" and force "a messy macroeconomic adjustment".
"The defense and strengthening of the rule of law requires, as a starting point, enabling sound public finances. The rest is verbal pyrotechnics." Otton Solis.
The governments cash-strapped position is reflected by delays in payments, while it increases short-term public debt and the IMF has suspended the precautionary agreement.
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