government

Bank outlines spending plan

The Banco Nacional de Panamá expects to see its profits rise next year by 15 percent.

The budget of the Banco Nacional de Panamá for 2009 will be $1.2 billion dollars, a $240 million increase over the institution's current budget.

Juan R. de Dianous, the bank's general manager, said that 77 percent of the bank's revenues, or $950 million, will be used for investments.

The bank will spend $273 million dollars on operating expenses. The bank expects to make a profit of $135 million next year, a 15 percent increase from 2008's projection.

The bank, which is owned by the government, expects to transfer $110 million to the treasury, a $10 million over the amount budgeted for 2008.

De Dianous said that the bank has seen an increase in the institution's customer base, adding 122,000 new clients this year.

The bank's budget was one of the presentations made yesterday to the Asamblea Nacional on the government's proposed spending plan.

Also speaking were officials from the Ministerio de Comercio e Industrias (Mici).

That agency will have a budget of $33 million, of which $20.2 million will be spent on operating expenditures and $13.5 million of which will be spent on programs.

Ministry officials said that attempts have been made to reduce operating costs, but that the agency “is not where we want to be.”