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Sunday, March 24 2019 @ 09:29 PM UTC

The World Bank Grants Panama A Loan Of $100 Million

Employment & JobsThe World Bank (WB) today announced the granting of a loan of $100 million to the Government of Panama to improve revenue and fiscal management, transparency and efficiency of social programs.

In a statement, the Bank said that this loan is the second in a planned series of three credits to support the Panamanian government's program to modernize and strengthen tax administration institutions and the country's procurement system.

This new loan will "increase transparency and exchange of tax information and increase fiscal space via tax reforms," said the WB. "The measures to increase tax revenues, improve the exchange of tax information, establish best practices for procurement and strengthen social programs provide better social and economic opportunities for all and help to reduce poverty in Panama," said Frank de Lima , Panamanian Minister of Finance.

The multilateral bank intends to improve the coverage and effectiveness of social programs as "Universal Fellowship" (scholarships to students), "100 at 70" (program for pensioners) and "Network of Opportunities", benefiting nearly 1 million Panamanians.

After receiving the first amount of $ 100 million in May 2011, the World Bank said the government of Ricardo Martinelli has improved procurement system with the PanamáCompra program.

"The WB supports Panama's plans to consolidate its fiscal position, improve the efficiency of the public sector and benefit more Panamanian social programs. Efforts to strengthen financial management will certainly help reduce poverty and increase opportunities," said Ludmilla Butenko, WB representative in Panama. (Critica)

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