Two accused teenagers to remain in custody for at least two more weeks | SaltWire #newsupdate #newsPANAMA CITY - With Panama's business-friendly reputation bruised by a recent move to close a copper mine accounting for 5% of GDP, the country's next president will face unusually tough choices in trying to get its economy back on an even keel.
If S&P or Moody's follows suit, Panama would become a so-called fallen angel, potentially sending its borrowing costs soaring as some funds would have to unload its debt. Both agencies told Reuters they will monitor the next government's first steps and investor confidence before acting. The Panama Canal's contribution to state coffers, meanwhile, is expected to fall 2.9% this year, mainly due to reduced traffic and capital reserves for future projects, according to a statement by its administration.
Roux said he would work to lure private investment for projects that he said would create 500,000 jobs, and vowed to make tax collection more effective and cut spending in areas such as the national assembly's budget. Others say the country's problems are mostly surmountable and that investors who have sold off its bonds since Fitch's downgrade may have over reacted.Former president and candidate Martin Torrijos, who holds the third place on the race according to most polls, told Reuters his administration slashed debt to 40% of GPD from 70% by managing state resources with austerity, which he plans to do again, without providing details on which expenses he would cut in his new term if elected.
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