Press Release

First Cash Capitalization: Pending Contributions 2018-2019

Panamá | November 7, 2024

  • The National Government disburses USD 31.9 million to the Fondo de Ahorro de Panamá (“FAP” or “Fund”), fulfilling pending contributions from the years 2018-2019. 

  • The FAP strengthens its assets, reinforcing its role as a national savings mechanism aimed at protecting and creating value for the resources of current and future generations of Panamanians.

We are pleased to announce that we have received the first cash contribution from the Ministry of Economy and Finance (“MEF”) in the amount of USD 31,900,540.40. This amount corresponds to the outstanding contributions from 2018 and 2019, which were generated from Panama Canal Authority transfers to the National Treasury. This contribution aligns with the provisions of Law 38 of 2012, which established the FAP (the “FAP Law”) and outlines the rules for contributions and fund accumulation.

Mario Amaya, President of the FAP Board of Directors, stated: “The transfer of these resources reinforces the National Government’s commitment to the country’s financial stability and ensures that the FAP continues to fulfill its role as a national savings mechanism for our future generations.”

Abdiel A. Santiago M., Secretary of the FAP, commented: “As the chairman of the board noted, the receipt of these funds reflects a coordinated effort between the FAP and the MEF, reinforcing our shared vision of maintaining a strategic, strong, and sustainable savings mechanism.”

At the FAP, we are mindful of our fiduciary responsibility under our legal mandate. For this reason, we work with discipline and dedication to build, strengthen, and maximize the Fund’s returns through a prudent, long-term approach, supporting the National Government and its institutions in implementing measures and actions that address the needs of the Panamanian population.

About the Fondo de Ahorro de Panamá

The Fund was created by Law 38 of June 5, 2012, whose main objectives are:

  1. Establish a long-term savings mechanism for the Panamanian State; and

  2. Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.

Contact: Administration, +507-394-5776/5706, administrador@fondoahorropanama.com

For additional information visit www.fondoahorropanama.com

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