Authorization has been given to the Ministry of Finance to issue securities on the local stock market for an amount up to $1 billion to finance part of the 2015 budget.

From a statement issued by the Government of Panama:

The Cabinet has endorsed the decree authorizing one or more issues of Securities of the State and their placement in the local capital market for an amount up to $1 billion in order to partially finance the resource requirements of the General State Budget for the fiscal year 2015 and other fiscal years and for the execution of liability management operations.

This initiative seeks to reduce refinancing risk of the Republic in the short and medium term, in addition to paying costs, fees and expenses associated with those emissions authorized by this Cabinet Decree.