Panama’s economy is expected to grow 4.5% this year as the impact fades from the closure in late 2023 of First Quantum Minerals’ Cobre Panama copper mine, and non-mining sectors continue to grow, the International Monetary Fund’s executive board said on Monday. “The economy is recovering from the impact of the Cobre Panama mine closure,” it said in a statement.
The IMF added that a spending reduction plan approved by the cabinet, if fully implemented, could bring the government’s 2025 fiscal target within reach.
(Reporting by Diego Ore and Natalia Siniawski, Editing by Daina Beth Solomon)
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