Felipe Chapman, Panama’s Minister of Economy and Finance, assured last week that the country remains stable in the face of the Middle East crisis, which has generated a rise in oil prices, with consequences for the price of electricity, gas, and transportation.

According to the official, the country “can rest assured, as there will be no shortages. Fortunately, there is sufficient fuel availability in our American continent.”

However, he indicated that authorities are continuing to evaluate contingency measures to reduce “the impact of the fuel price increase and thus prevent the population from being affected by a rise in the cost of living.”

Although the increase in oil prices represents higher subsidy expenses for the State, Chapman stressed that without implementing measures, this increase would be passed on to public transportation fares, electricity, and the price of a 25-pound tank of gas. He stated that they will have to adjust finances and reallocate resources to address the situation.

According to the minister, “if the upward trend continues and the conflict persists, the government will have to adjust its finances, since resources, unfortunately, will have to be restricted.” “We will have to be very prudent and disciplined in cutting other Panamanian government expenditures.”

Last Tuesday, the official indicated that if the conflict in the Middle East continues, measures such as the possible implementation of teleworking in some economic sectors, rationing the use of official vehicles, reducing government mailings, authorizing vacations for non-essential personnel, and implementing staggered work schedules will be evaluated.

M.Pino

Source: metrolibre

(Reference image source: Marek Studzinski on Unsplash)

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La entrada Panama addresses the impact of rising fuel prices due to the conflict in the Middle East apareció primero en Bitfinance.

Peru’s Minister of Economy and Finance, José Arista, indicated this week that the country could close 2024 with 4 % economic growth and a Gross Domestic Product of 3.2 %.

The projection is based on the growth, although uneven, of other sectors, such as “fishing, agriculture, mining and construction, whose progress will stand out in the last quarter of the year.”

The minister has underlined the confidence of the authorities towards the positive performance of the national economy as a whole for 2025 and noted that in 2024 business expectations changed for the better. “Before, the investment rate was negative and this 2024 it would grow 2 %.”

“For next year we think it will increase by more than 5 %, that is, about US$ 50,000 million of private investment,” he said.

M.Pino

Source: americaeconomia

(Reference image source: Peter Wendt on Unsplash)

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La entrada Peru expects to close 2024 with 4 % economic growth apareció primero en Bitfinance.

The Minister of Economy and Finance of Peru, José Arista, indicated on Friday, June 14, that the country’s Gross Domestic Product (GDP) grew 4 % in April and May.

According to the official, the measures implemented by the government have contributed to economic reactivation.

“To get out of the recession that was experienced in 2023, the Ministry of Economy and Finance (MEF) is implementing measures to reactivate the economy, through the promotion of public and private investment, simplifying procedures and unblocking bottlenecks, thus generating confidence in investors,” said Arista.

These initiatives are aimed at “reactivating the economy and generating conditions for sustained growth at higher rates.”

He highlighted that in the first quarter of the year, they managed to emerge from a strong recession. The 4 % growth achieved in April and May consolidates “the growth goal of 3.1 % for 2024 and what we want is to enhance that, make our projections robust, so that we do not fall in the second semester. That is why we propose many measures that allow us to make this reactivation sustainable,” the minister stressed.

M.Pino

Source: americaeconomia

(Reference image source: Jhordy Rojas in Unsplash)

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La entrada Peru achieved economic growth of 4 % in April and May apareció primero en Bitfinance.

The main objective of the Government of Peru is to reactivate its economy and regain the confidence of foreign investors, for which it seeks to enhance the business opportunities presented by the country’s strategic sectors.

This was done by the Minister of Economy and Finance of Peru, Alex Contreras, in a bilateral business meeting held at the CEOE headquarters in which he addressed Spanish companies to highlight investment opportunities in the country and in the Andean Community of Nations (CAN).

“New times are blowing for Peru, in which actions and not just words prevail,” Contreras defended. For the economic head of the Government, Spain is a long-term strategic partner for Peru and has assured that the Andean country will be 100%  ready to support foreign investments.

In this context, the minister has announced that the framework of regulatory stability and legal certainty will be reinforced, that progress will be made in the fight against informality and that there will be a commitment to closeness with the investor.

The event was held within the framework of the activities promoted by CAF in Spain with strategic allies, to generate meeting spaces between relevant actors in the bi-regional relationship. This event served to present the country that chairs the board of CAF and the Andean Community of Nations (CAN), where the presence of Spanish companies has been and is of great relevance for its development.

Infrastructure and development projects in Peru

Along these lines, the minister has highlighted the reforms that are going to be carried out and that will make the country more efficient. In the field of infrastructure, the aim is to improve the physical, digital, social and connectivity infrastructure.

In turn, he has referred to the need to strengthen the agri-food and mining sectors, massify the gas network, relaunch a proactive agenda for the Amazon or reindustrialize the country. “All this implies more logistics, more projects and more investment,” he stressed.

To attract more Spanish companies, the president of the CEOE, Antonio Garamendi, has pointed out that, although the results of business cooperation in recent years “have been clear”, it is necessary to advance in the negotiations of the agreement to avoid double taxation between both countries.

In his opinion, this agreement is “essential” to intensify investments by Spanish companies in Peru and from which both the public and private sectors would benefit.

Furthermore, the president of the employers’ association recalled that there are other aspects that businessmen greatly value when investing, such as legal certainty, access to financing or less bureaucracy associated with public tenders.

Source: dpa

(Referential image source: David Mudarra, Europa Press / dpa)

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La entrada Peru seeks to regain the confidence of Spanish investors apareció primero en Bitfinance.

The Minister of Economy and Finance, Alex Contreras, has indicated that he expects private investment to begin to recover from the second quarter of the year, noting that the Andean country has “impressive” poles of economic attraction such as the mining sector or the of the infrastructures.

During his speech at the CEO Luncheon, held within the framework of PDAC 2023 in Canada, which brought together executives from the mining sector from different parts of the world, the Government’s economic head expressed his wish that private investment be “a partner of the growth”.

To achieve this, Contreras has highlighted that the Government is improving the allocation and execution of the public budget in order to take advantage of the competitiveness and leadership of certain sectors.

“We are working on investment incentives, which is a key agenda, and we ask you to continue to trust Peru. The mining sector will be the great beneficiary of the energy transition, so investing in Peru is betting on the future “, he insisted.

Taking advantage of his trip, the minister has met with different investment funds, to whom he has informed them about the situation of the Peruvian economy and the prospects for development and growth.

Source: dpa

(Reference image source: Peruvian Government, Europa Press)

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La entrada Government of Peru expects private investment to recover in the second quarter apareció primero en Bitfinance.