Press Release No. 19/166

IMF Executive Directors Conclude Visit to Panama

May 15, 2019

A group of Directors from the 24-member Executive Board[1] of the International Monetary Fund (IMF) comprising Mr. Sami Geadah, Mr. Zhongxia Jin, Mr. Maher Mouminah, Mr. Thomas Ostros, Mr. Alexandre Tombini, and Mr. Piotr Trabinski visited Panama from May 13-15. At the end of their visit, the Executive Directors issued the following statement:

“The International Monetary Fund and Panama have enjoyed long and fruitful cooperation. Our visit to Panama was an opportunity to strengthen this relationship and learn firsthand about the significant economic achievements and the authorities’ policies to continue improving the country’s economy, the challenges it faces and the way in which the Fund can contribute. We had the honor to meet with President Juan Carlos Varela Rodriguez, Finance and Economy Minister Eyda Varela de Chinchilla, other senior officials as well as members of the financial and banking community, and representatives of the private sector.

“Panama’s model as a regional trade, logistics, and financial center, has positioned the country as one of the most dynamic economies in Latin America. Its strong fundamentals reflect good policy frameworks, open trade, high investment, the emergence of a vibrant service sector, and the expansion of the Panama Canal. Looking ahead, continued fiscal discipline and sustained efforts to enhance Anti-money laundering and combatting the financing of terrorism and tax transparency will solidify the country’s positive economic prospects.

“The Fund has worked with Panama through the provision of technical assistance and capacity development to strengthen the authorities’ supervisory capacity and to modernize revenue administration and oversight. Going forward, we expect to continue strengthening our excellent cooperative relation.

“We would like to thank the authorities and the people of Panama for their warm welcome and open dialogue.”