According to the Inter-American Development Bank, this project aims to strengthen Panama as a international financial center by improving its regulatory and supervisory architecture and its compensation and settlement infrastructure. Towards this end, the regulatory structure will be better integrated in a way that is more adapted to the peculiarities of the financial system in Panama, as well as to the challenges of the new products and technologies existing in the sector and that blur traditional regulatory boundaries. In particular, the Bank identifies the compensation and settlement system in Panama as a target for modernization as is does not compensate and settle in real time and is dependent on the United States.
The Bank will provide US$250,000 in ordinary capital for this project.
ACCOUNTABILITY MECHANISM OF IADB
The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).