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Panama leader proposes deficit cap raise

Wednesday, September 24, 2014

Panama’s President Juan Carlos Varela said he will ask Congress for authorization to raise the budget deficit limit after the previous government boosted spending ahead of elections earlier this year.

Varela, who took office July 1, said he’ll send a proposal to Congress within a month to increase the budget deficit limit to 3.7 percent of gross domestic product from 2.7 percent.

“We’re going to finish the public investment projects we have committed to, while also managing the debts they are leaving behind,” Varela said.

Source: Bloomberg