The loan has a maturity of 20.5 years and a grace period of two years from the time it is realized

The World Bank Board of Executive Directors approved on Thursday a loan of $ 300 million to support Panama’s efforts to strengthen international tax transparency, financial integrity and fiscal management.

Moreover, some of these funds will be used for other services such as social programs nationwide.

To improve the international exchange of tax information, Panama agree to adopt globally accepted by other countries, ie that ownership and identity of financial information, such as records of reliable accounting available to all relevant entities standards.

Meanwhile, in the social area, the priority is strengthening the efficiency and transparency of programs.

Minister of Economy and Finance (MEF), Dulcidio Guardian, said the World Bank is supporting the reform program that the National Government urged to “promote transparency in the management of the banking system and other resources”.

To strengthen transparency in the management of resources, it is expected that 90% of government funds are channeled through a Single Treasury Account, whereby savings to the public purse will foster and improve liquidity management of funds and payment processing of debt.

Source: http://laestrella.com.pa/