Borrowing at Home

Borrowing at Home

Panama

When the Panamanian government raised $600 million on the international bond market in November, it did so to pre-finance its $1.1 billion budget gap for 2005. Instead of issuing more global bonds to raise a chunk of the remaining $500 million, the government says it will turn to the local capital market. "Of the $500 million that we still have to raise, we've already contracted almost $140 million with multilateral lenders," says Aracelly Méndez, Panama's director of public credit. "The rest, about $300 million, will be raised on the domestic market." Of that, Méndez adds, some $250 million involves a refinancing plan since the government's first Treasury note issue fa

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