The Executive and the Hemicycle aim to achieve efficient and sustainable public finances over time. In this regard, the Economy and Finance Commission approved in the first debate Bill 138, which amends Law 34 on Fiscal Social Responsibility, establishing that this regulation must be approved before the General State Budget.
The bill, presented by the Minister of Economy and Finance, Felipe Chapman, aims to ensure the sustainability of public finances by reducing the pressures on debt without compromising the essential functions of the State. Fausto Fernández, Deputy Minister in charge of Finance, emphasized the importance of approving the law in advance to discuss the General State Budget.
The proposal seeks to modernize the current regulation and carry out financial reengineering in the coming years to manage the State's resources more efficiently. The project highlights the deficit limits and the formulas for contributions to the Panama Savings Fund (FAP).
The project underwent modifications to its articles, especially in Article 4, which substitutes Chapter 3 of Law 34 of 2008, related to financial limits and fiscal rules. It is established that the annual laws of the General State Budget and its execution will be governed by the rules and goals of the new law, ensuring a prudent fiscal policy and sustainable public debt.
Additionally, in the same debate, the Economy Commission approved Bill 139, which grants a tax moratorium for the payment of national taxes. Articles 4 to 10 were removed as they were deemed unrelated to the moratorium. Congressman Ronald De Gracia, president of the Commission, highlighted the importance of providing the best for Panamanians in tax matters and pointed out that the removed points could be considered in future projects if necessary.
