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:

PRUDENCE, PRIORITIES AND TIGHT CONTROL OF PUBLIC SPENDING

Faced with the presentation of Bill No. 499, which dictates the general government budget for fiscal year 2013, our union is reiterating the need to maintain fiscal discipline, prudent management of public finances and effective control of state spending in order to avoid overspending or an increase in the fiscal deficit.

The strength and diversification of our economy, allows for a continued positive outlook in the projections for the short and medium term to the end of this year, however, the international context is extremely complicated, making it necessary to prioritize caution in management of state assets in order to preserve resources and sustain growth and have a sustainable economy.

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"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.

EDITORIAL

Costa Rica is subject to a rare political situation, where the founder of the party in power and his first deputy, defends rationality as a tool of governance and for managing public finances, in the face of voluntarism in the matter on the part of the Executive, which adds more risk to the serious threat of the fiscal deficit inherited from previous governments, presenting a budget that increases state expenditures by 14%.

El Salvador: Complaints Over Fiscal Discipline

May 2012

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.

"Public debt in El Salvador between March 2011 and March 2012 increased by $450 million (+4.3%) to $13,232,000.

Unsustainable Fiscal Situation in Costa Rica

October 2013

Authorities warn that the next administration will inherit a deficit of such a magnitude that it will require high impact decisions.

This was explained by the comptroller Marta Acosta during a session of the Costa Rican Congress where she presented a report on the budget plan for the Republic in 2014.

Panama: $ 200 Million to Improve Fiscal Management

December 2010

The IDB loan will support the implementation and framework of a modern fiscal policy based on international practices.

The IDB loan will support the implementation and framework of a modern fiscal policy based on international practices.

Panama will reform its tax laws and improve public management expenditures with a loan of U.S. $ 200 million approved by the Inter-American Development Bank (IDB).

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