The Fondo de Ahorro de Panama presents its Report of Operations for the Fiscal Year 2017
Panama | July 5, 2018
The interim Minister of Economy and Finance of Panama, Eyda Varela de Chinchilla, accompanied by the President of the Board of Directors of the Fondo de Ahorro de Panama ("FAP" or "Fund"), José N. Abbo S. and the Secretariat, Abdiel A. Santiago M., presented the Fund’s Report of Operations of the Fiscal Year 2017 to the National Assembly of Deputies of Panama.
President Abbo addressed the National Assembly and explained that the FAP is one of the most important means for savings for the State and a solid financial asset, both of which contribute to the sustainability and strengthening of the national economy.
Abdiel A. Santiago M., presented to the Honorable Deputies the Fund’s Fiscal Year 2017 results, key management achievements during the year, a review of its corporate governance pillars and future strategy.
In accordance with the provisions of Law 38 of June 5, 2012, which created the FAP, the Ministry of Economy and Finance must present annually to the National Assembly, through its minister, together with the president of the Board of Directors of the Fund, a detailed report on the Fund’s operations.
About the Fondo de Ahorro de Panama
The Fund was created by Law 38 of June 5, 2012, whose main objectives are:
- Establish a long-term savings mechanism for the Panamanian State; and
- Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.