Safakeeping Panama's Private Kitty

Safakeeping Panama's Private Kitty

Panama

In 1995, almost two years before Panama began its first large-scale privatizations, the government set up a trust fund to safeguard revenue from the sale of public entities and establish a cash reserve with an ambitious goal. Interest generated from the fund would be used to finance social development projects. "Revenue from the sale of public companies enters the fund and not the treasury," says Rolando de León de Alba, general treasury manager of the Banco Nacional de Panamá, the government's state-run bank and fund trustee. "In essence, the fund belongs to the community and is not a mechanism for the government." Since its creation, the development trust fund has a

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