Panama speeding land auctions to plug revenue holes

104Views 0Comments Posted 21/08/2014

PANAMA’S  Ministry of Economy and Finance, facing multiple challenges as it unravels the books of the Martinelli administration, is considering bringing forward auctions of lots of reverted lands in order to increase state revenues faster.

Finance Minister Dulcidio de La Guardia proposed that the Administrative Unit of Reverted Properties (UABR) bring forward the sales in order to mitigate deficiencies in the state of public finances.
UABR, Secretary General José Antonio Serracín told Panama America that "...At the end of August it is estimated that a total of $7.1 million will have been auctioned. "

"...Also, for the next few months we expect to raise at auction $6.2 million in September, $10.1 million in October and $6.4 million and $5.3 million in November and December, respectively, which would add about $37 million which would be transferred from the UABR to monthly accounts and would then enter into the state treasury. "
The website of the Administrative Unit of Reverted Properties details the breakdown of the auctions.

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