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WORLD BANK GROUP: World Bank Approves US$75 Million to Support
Competitiveness and Public Financial Management in Panama
(M2 PressWIRE Via Thomson Dialog NewsEdge)
RDATE:30112007
WASHINGTON -- The World Bank's Board of Directors approved yesterday a
$75 million loan for Panama to support the Government's public finance
management and reform program. This is the first IBRD operation in a
proposed programmatic series of two Development Policy Loans (DPLs),
which build upon the fiscal year 2007 Public Finance and Institutional
DPL.
"The operation will support selected elements of the Government of
Panama's Strategic Vision, helping the Government advance on
development indicators which it has set for itself," said Jessica
Poppele, Acting Country Director for Central America.
The actions supported by the First Competitiveness and Public Financial
Management Development Policy Loan (DPL) series are expected to enhance
private sector competitiveness and public financial management, with a
view of improving public sector efficiency and effectiveness in a
fiscally sustainable fashion, thus influencing the country's enabling
environment for private sector development.
The DPL series will also contribute to fiscal stabilization and
efficient spending by helping diversify external sources of finance and
obtain better financial terms. As described in the Government's
Strategic Vision document, this DPL series focuses on actions aimed at:
* Promoting broad-based growth through the enhancement of private
sector competitiveness, by helping to reduce bureaucratic red tape,
improving training policies, and increasing investments in innovation.
* Consolidating fiscal sustainability, transparency and efficiency
through the modernization of public financial management systems for
revenue, debt, fiscal reporting, and public procurement.
"This operation kicks-off the new Panama-World Bank Country Partnership
Strategy (CPS)," explained Frederic de Dinechin Country Representative
for Panama. "The CPS includes a package of activities that support
various elements of the Government's Strategic Vision which aims to
promote broad-based economic growth and establish modern public
financial management systems and institutions within the overall goal
of reducing poverty and inequality," he added.
The $75 million fixed-spread loan is repayable in 18 years and includes
a two-year grace period.
CONTACT: Sergio Jellinek, World Bank Group
Tel: +1 202 458 2841
e-mail: sjellinek@worldbank.org
Stevan Jackson, World Bank Group
Tel: +1 202 458 5054
e-mail: sjackson@worldbank.org
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Copyright 2007 M2 Communications Ltd.
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