Panama sets up new council to manage $1.11 bln economic stimulus package
(Xinhua) -- Panama set up a new council Tuesday for carrying out the government's financial crisis management program, local media reported.
The Directive Council of the Financial Stimulus Program, which will be temporary and whose extension will depend on the country's economic circumstances, will manage the government's incentive package of 1.11 billion U.S. dollars designed to lighten the impact of the global crisis.
The measure aims to maintain economic stability, employment growth and commercial activity achieved in the country in the past years, said Erich Rodriguez Auerbach, Secretary of State Communications.
"Its main aim will be to take on-time public policies to prevent or counteract the impacts posed by the global financial crisis," Rodriguez stressed.
He said the program will support the economic agents or clients of banks who need funds to overcome economic difficulties, mainly those who are finding it difficult to get credit.
Panama has about 90 registered banks from all over the world and is considered to have one of the most solid financial systems in the region.
