IMF-巴拿马国有企业（英）

State-Owned Enterprises in Panama Wim Fonteyne SIP/2025/124IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed on July 9, 2025. This paper is also published separately as IMF Country Report No 25/246. 2025 SEP © 2025 International Monetary Fund SIP/2025/124 IMF Selected Issues Paper Western Hemisphere Department State-Owned Enterprises in Panama Prepared by Wim Fonteyne Authorized for distribution by Bas Bakker September 2025 IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed on July 9, 2025. This paper is also published separately as IMF Country Report No 25/246. ABSTRACT: Panama has a significant and diverse state-owned enterprise (SOE) sector, comprising 16 non-financial enterprises, 5 financial institutions, and the Panama Canal Authority (ACP). The ACP operates under a specific legal and budgetary framework that ensures its institutional autonomy, which has been key to its success. The other SOEs operate under a different legal framework and have seen mixed performance. Drawing lessons from the success of the ACP, greater independence in their governance, finances and operations, coupled with increased transparency and more effective oversight, would likely help improve their financial performance as well as the quality of the services they provide. RECOMMENDED CITATION: Fonteyne, Wim, 2025. State-Owned Enterprises in Panama. IMF Selected Issues Paper 2025/124. JEL Classification Numbers: G34, H41, L32, L38, L98 Keywords: State-Owned Enterprises, Panama Canal Authority Author’s E-Mail Address: wfonteyne@imf.org SELECTED ISSUES PAPERS State-Owned Enterprises in Panama Prepared by Wim Fonteyne PANAMA SELECTED ISSUES Approved ByWestern Hemisphere Department Prepared By Wim Fonteyne, with analytical support from Natalia Martinez-Camelo. STATE-OWNED ENTERPRISES IN PANAMA ______________________________________ 3 A. Introduction _____________________________________________________________________ 3B. Panama Canal Authority _________________________________________________________ 4C. Governance of Other State-Owned Enterprises __________________________________ 5D. Relationship with the Government Budget_______________________________________ 6E. Reporting and Accountability ____________________________________________________ 7F. Financial Performance ____________________________________________________________ 7G. Analysis of Differences Between the ACP and other State-Owned Enterprises ___ 9H. Privatization ____________________________________________________________________ 10I. Conclusions ______________________________________________________________________ 10FIGURE 1. Revenue and Profit for State-Owned Enterprises (2014-2023) ____________________