Historical Review of the Ministry of Economy and Finance

The Ministry of Economy and Finance, known by its acronym as MEF, begins its institutional life in the first years of republican history, because it is the result of the integration of the Ministry of Finance and Treasury and the Ministry of Planning and Economic Policy.

On behalf of the Ministry of Finance and Treasury, its creation originates on November 12, 1903, when the Provisional Government Junta, made up of José Agustín Arango, Tomás Arias and Manuel Espinosa Batista, signs the executive decree number 1 that regulates the service of the Ministry of Finance, being its prime minister, Manuel Encarnación Amador. In that first national moment, what was sought was to organize the structures of the state, in aspects such as income, the collection of commercial taxes, liquors, income from the importation of opium and games of chance. As well as facing the abrupt transformations facing the country due to the resumption of excavation works of the interoceanic canal. Ninety-five years later oriented to the fiscal and financial policy of the country,

On behalf of the Ministry of Planning and Economic Policy, known by its acronym as MIPPE, the story is more recent.

It is until the office of the Presidency of the Republic is organized on November 16, 1956 that the Planning Department is created, which two years later makes up the Ministry of the Presidency. A year later, in 1959, the General Directorate of Planning and Administration of the Presidency and the Department of Planning were created by decree laws 11 and 12, with the first director being the engineer David Samudio. In the evolutionary and development process of the country, the General Directorate of Planning and Administration of the Presidency required to be a planning, coordinating and guiding entity of the country's economic and social development so that through the strengthening and diversification of production and regional development, wealth and national income will be increased for the benefit of all Panamanians. This is created by Law No. 16 of February 28, 1973, the Ministry of Planning and Economic Policy. It was his prime minister, Nicolás Ardito Barletta.

For 25 years, the MIPPE prepared national economic and social development plans, designed and formulated economic and social policies, coordinated development programs, managed budget administration, organized personnel administration, managed and negotiated external financing, cooperation technical and managed the funds of the National Government, until their functions are transformed to make the administrative management of the public thing more efficient and effective. At the end of 1998, the transformations required by the Ministry of Finance and Treasury, as well as Economic Planning and Policy took shape before the Legislative Assembly and through Law 97 of December 21 approved the creation of the Ministry of Economy and Finance,

The Ministry of Economy and Finance is created with the purpose of transforming the Public Administration and in order to give greater coherence and integrality to the financial and budgetary management of the State, as well as to provide a greater definition and coordination of economic, fiscal and social policies. Its prime minister was Fernando Aramburu Porras.

The Ministry of Economy and Finance (MEF) is in charge of everything related to the formulation of economic policy initiatives; the programming of public investments and the social strategy, the design and execution of the general guidelines and the specific tasks of the Government on National Treasury and Treasury; the elaboration, execution and control of the General Budget of the State, Public Credit and modernization of the State, as well as the elaboration and execution of the Programming.

Mission

Formulate the economic and social policy, administer and provide the resources for the execution of the plans and programs of the Government, propitiating the greater welfare of the population.

Vision

To be an efficient, modern, integrated and reliable organization, model of public administration with motivated personnel at the service of the community.