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 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.
Authorities warn that the next administration will inherit a deficit of such a magnitude that it will require high impact decisions.
The IDB loan will support the implementation and framework of a modern fiscal policy based on international practices.
There has been more than a century without salaries, offices and staff travel expenses, while politicians have been forced to control costs, having no one else to cover the deficit by printing money.
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