World Bank Group, OAS and Panama Promote Transparency to Mobilize Development Finance

Stocks and Financial Services Press Releases Thursday June 14, 2018 08:54
PANAMA CITY--14 Jun--World Bank
So-Called "Panama Agreement" Seeks to Build Trust to Leverage Private Financing

PANAMA CITY, June 13th, 2018 – The World Bank Group (WBG), the Organization of American States (OAS) and the Government of Panama unveiled an agreement today to enhance transparency and accountability in Latin America and the Caribbean countries, aimed at fighting corruption and mobilizing greater private financing for development.

The "Panama Agreement", sponsored jointly by these three players, was presented during the inauguration of the "Cuentas Claras 2018: Government Transparency in Collaboration with the Private Sector" regional conference, which is taking place today and tomorrow in Panama City.

"Transparency is a key element in building trust and promoting development,"said Jorge Familiar, Vice-President of the World Bank for Latin America and the Caribbean, adding that "a transparent government and accountable institutions are key elements in providing certainty, maximizing finance for development and reducing poverty."

The Agreement includes a series of measures destined to improve the quality and transparency of fiscal and financial reporting, strengthen accountability in the public sector and enhance cooperation among the various players involved in development, namely governments, the private sector and civil society.

"Through this Agreement, countries in Latin America and the Caribbean have the opportunity to make concrete progress in enhancing governance, fostering transparent investment and showing that the response to corruption and impunity will be zero tolerance," said Luis Almagro, Secretary General of the OAS.

Among the measures included in the Agreement are the production of high-quality financial reports from national and sub-national governments, use of IT platforms for State procurement and the adoption of international open government regulations. Other measures contained in the Agreement are the prevention and combating of tax evasion, illicit financial flows and money laundering, as well as open and transparent cooperation between governments, the private sector and civil society organizations.

"The measures included in the Panama Agreement represent a crucial step toward making progress in the fight against corruption, while also acknowledging the fundamental role the private sector plays in promoting development finance,"said the Finance Minister of Panama, Dulcidio De La Guardia.

The Cuentas Claras 2018 conference is sponsored jointly by the WBG, OAS and the Government of Panama and convenes representatives from governments, the private sector, academia, regulatory bodies, civil society, international organizations and the media.

Learn more about the work of the World Bank in Latin America and the Caribbean: www.worldbank.org/lac
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