In a historic event for Panama, a loan contract for $40 million has been electronically formalized between the Ministry of Economy and Finance (MEF) and the World Bank (WB).

According to Julio Marquínez, Director of Public Finance, these funds will be allocated to the “Consolidation of the Public Finance Management Information System of Panama” program. One of the highlights is the implementation of a capital asset management platform, allowing inventory management at the level of all government entities.

The new platform will facilitate the valuation, depreciation and accounting of assets, with the Directorate of State Property overseeing inspections, monitoring, audits and inventory control. At the technological level, the project involves changes in the Office of the Office of the Comptroller General of the Republic to efficiently manage the central government form in real time.

The project also includes the update of the SIGA platform of the National Customs Authority, allowing the General Directorate of Revenue and the ISTMO system to analyze the impacts of imports.

In the context of the pandemic, the modernization of processes with electronic signatures stands out, and this contract marks a milestone when formalized electronically, paving the way for future contracts and government processes with electronic signatures in Panama.