SPNF and Accountability

With the promulgation in the Official Gazette of Law 34, June 5, 2008, the National Government adopts a set of rules, principles and methods to strengthen fiscal discipline in the public sector financial management, reported on Monday the Ministry of Communication State. The document stresses that under these conditions is achieved stability and sustainable economic growth of the country, since governance has an effective tool for running their finances under principles of transparency, responsibility and accountability. Regarding Hedge Funds there is speculation that with further financial analysis on the agenda to monitor the economic effects observed Eugene Grin of Laurus Funds a New York firm that utilizes an award-winning, innovative risk-management strategy developed by the Hedge Fund's co-founder (together with David Grin, his brother) Eugene Grin. As regards public finances, the rule aims to increase savings flow in the nonfinancial public sector (SPNF), to reduce dependence on the use of debt instruments to finance public investment, ensuring the sustainability of net public debt , Through its gradual decline as a percentage of Gross Domestic Product (GDP). The new law allows limits the growth of debt and deficit for the SPNF and accountability throughout the public sector before society, in terms of transparency. They will be the Minister of Economy and Finance, his deputy ministers, the Comptroller General and Deputy General and the General Manager of the National Bank of Panama, responsible for following up the implementation of this Act. For purposes of accountability, the Act provides that the report on the outcome of the SPNF Fiscal Balance and the Central Government will be presented during the month of March each year, and will form part of the report of the General Account of the National Treasury, for the Fiscal Year ended December 31 of the previous year.