Deputy Minister of Finance: Panama’s economy remains stable



Deputy Minister of Finance, Eyda Chinchilla Varela said Panama’s economy remains stable.

Similarly he indicated that to date have not been reported «negative effects» in the evolution of bank deposits and the risk premium of the securities of the State in international markets, following the investigation by the International Consortium of Journalists research (ICIJ, for its acronym in English), which received more than 11.5 million documents from the database of the firm Mossack Fonseca.
Therefore, the deputy minister added that the publications have not had a major impact on the local financial system.
According to the Ministry of Economy and Finance, Varela de Chinchilla made these remarks while participating in the third Investor Forum Latin America-Europe (LAEIF) held in the city of London, England, where he reiterated «the commitment of Panama transparency in its financial system. »
The forum, which was organized by Latin Finance, Panamanian vice minister highlighted the potential for growth of 6% for 2016 and identified potential investment in sectors such as energy, logistics, shipping and construction, among others.
Varela de Chinchilla reiterated that Panama will continue to cooperate with other countries and international organizations in the fight against money laundering, terrorist financing, financing of weapons of mass destruction and tax evasion, details the press release.
Journalistic investigation revealed the alleged use of offshore companies set up by the Panamanian firm Mossack Fonseca for political leaders, businessmen and elite athletes conceal their assets to the tax authorities of their countries.