The IMF concluded the 7th Annual Regional Conference on Central America, Panama and Dominican Republic and examined how globalization and economic integration is impacting Central America's tax structures.
Panama's long-term sovereign credit rating has been raised by Standard and Poor's to BB+ from BB. This new rating is based on strong economic growth of Panama and continued improvement in fiscal health of its government.
Recently, a new law was passed by Panama's National Assembly to give multinational companies that perform certain tasks a significant tax break. As a result, according to a company specialising in investment property in Panama,
the country's real estate sector is expected to experience an unprecedented boost.
Economic growth in Panama is expected to exceed last year's 8.1% because of a strong investment climate, a dynamic services sector and the Panama Canal expansion programme.
The Trade Promotion Agreement has been signed by Panama and the United States to eliminate tariffs and other barriers to the trade in goods and services between Panama and the US.
The Panama Canal Authority (ACP) held a public hearing in Balboa, Panama, with the participation of fourteen representatives from shipping and government.
Panama banks Banco General and Banco Continental have come to the agreement to merge. This merger will create one of the largest financial services companies in the region. The merger is expected to close during 2007.
Panama hopes to become Argentina's replacement on the UN Security Council after Latin American and Caribbean Group (GRULAC) of the UN Security Council delayed as far as some English-speaking Caribbean members were reportedly upset about not being adequately involved in this process.
At a meeting of
Panama's President and Executive President of the Central American Bank for Economic Integration (CABEI) agreed that by the end of 2006 Panama will become an 'extra-regional' partner of CABEI. This status will provide Panama with the access of funding of about USD 60 million.
Chile and Panama signed the free trade agreement that opens up 92.5% of the Chilean economy to Panamanian producers. Now most Panamanian products will enjoy a zero tariff when entering Chile's market.
