Citing Sanctions, Panama Pleads With Creditors
Panama called on its international creditors Thursday to give it special help because of economic sanctions by the United States.
Planning Minister Gustavo Gonzalez reported to the annual meeting of the International Monetary Fund a sharp drop in his country’s economic output because of U.S. sanctions and a plunge in government revenue.
Sanctions Imposed
He said Panama’s output of goods and services fell 16% last year, government revenue fell 44.3%, exports dropped 11% and imports fell 35.5%. But Gonzalez said he expects the economy to stabilize before the end of the year.
The economic sanctions were imposed last year as part of a campaign by the United States to oust military strongman Gen. Manuel Antonio Noriega, under indictment in the United States on drug trafficking charges.
Discuss Debt
“The plans of Panama are to continue restructuring its economy under the jeopardy of wanton, unjustifiable and groundless economic coercive measures,” Gonzalez said in a speech to the IMF. He said an IMF mission is scheduled to visit Panama in October to discuss economic policies. Panama also wants to discuss a restructuring of its commercial bank debt.
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