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Panama approves over $22 million credit for IMA to buy rice and other basic goods
🇵🇦 Panama /Economy & Trade

Panama approves over $22 million credit for IMA to buy rice and other basic goods

From TVN Panamá · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

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  • Panama's Cabinet approved an additional credit of over $22 million for the Agricultural Marketing Institute (IMA) to purchase essential food items.
  • The funds will primarily be used to buy 550,000 quintals of rice, along with other basic goods like oil, sugar, and canned items.
  • This initiative aims to guarantee the supply of food at lower prices through IMA's distribution channels, particularly for vulnerable families.

Panama's Cabinet has approved a supplementary credit of over $22 million to bolster the Agricultural Marketing Institute (IMA) in its efforts to purchase essential food items for national distribution. The allocation, amounting to $22,133,574, will be integrated into the IMA's budget for the 2026 fiscal year.

The primary focus of these funds is the acquisition of 550,000 quintals of rice. Additionally, the credit will finance the purchase of other staple goods, including cooking oil, sugar, coffee, pasta, spaghetti, salt, tuna, pigeon peas, and sardines. This move is intended to ensure the consistent availability of these products through IMA's network of fairs, stores, and agro-distributors across the country.

Nilo Murillo, the director of IMA, stated that the distribution would commence once the funds are available, enabling the institution to meet its obligations to suppliers. He highlighted IMA's role in directly purchasing 80% of the nation's agricultural production, emphasizing the importance of economic flow for national producers. The government asserts that this initiative will facilitate access to basic necessities at reduced prices for families, with a particular focus on those most in need.

The proposal received a favorable opinion from the National Economic Council (CENA) and the endorsement of the General Comptroller's Office, which confirmed the financial viability and advisability of the initiative. The Ministry of Economy and Finance is now tasked with presenting the resolution to the National Assembly's Budget Committee for evaluation and approval before the funds can be disbursed.

$22.7 million and the distribution will start once the money is in line to be able to comply with suppliers and logically continue to maintain the name of the institution as it is at the moment, an institution that maintains a direct purchase of 80% of our national production and those suppliers also need that economic flow to continue moving forward

— Nilo MurilloNilo Murillo, director of the IMA, explained the financial details and the importance of the funds for suppliers and the institution's operations.
DistantNews Editorial

Originally published by TVN Panamá in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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