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The Government of Panama actively promotes Panama's long-standing reputation as an international trading, banking, and services center--and as a site for foreign direct investment. Panama's economy is characterized by low inflation and zero foreign exchange risk. In early 1998, Panama enacted a new banking law intended to detect and deter money laundering. The country is taking steps to improve its infrastructure with private and international financial institution financing.
Foreign relations
Panama is a member of the United Nations General Assembly, most major UN agencies, and has served three terms as a member of the UN Security Council. It maintains membership in several international financial institutions, including the World Bank, the Inter-American Development Bank, and the International Monetary Fund.
- Ministry of Foreign Affairs is Jose Miguel ALEMAN Healy
- Ambassador to the United States--Guillermo FORD (who was the Second Vice President under President Guillermo Endara (1989-1994)
Panama is a member of the Organization of American States, and was a founding member of the Rio Group. Although it was suspended from the Latin American Economic System (known informally both as the Group of Eight and the Rio Group) in 1988 due to its internal political system under Noriega, Panama was readmitted in September 1994 as an acknowledgment of its present democratic credentials.
Panama also is one of the founding members of the Union of Banana Exporting Countries and belongs to the Inter-American Tropical Tuna Commission. Panama is an active participant in Central American regional meetings, although it is not a formal participant in integration activities. Panama is a member of the Central American Parliament (PARLACEN) as well as the Central American Integration System (SICA). Panama joined its six Central American neighbors at the 1994 Summit of the Americas in signing the Alliance for Sustainable Development known as the Conjunta Centroamerica-USA or CONCAUSA to promote sustainable economic development in the region and participates in some Miami summit follow-on meetings.
Panama strongly backed efforts by the United States to implement UN Security Council Resolution 940, which was designed to facilitate the departure of Haiti's de facto authorities from power. Panama offered to contribute personnel to the Multinational Force, which restored the democratically elected government to Haiti in October 1994, and granted asylum to some former Haitian military leaders. Also in 1994 (September), Panama agreed to accept about 9,000 Cuban "rafters," who were housed temporarily on U.S. military Empire Range until February 1995.