The International Monetary Fund (IMF), on an official visit to Panama, today warned the government of Juan Carlos Varela that delays in reforms on financial transparency could have negative implications for the local economy.

"If deficiencies are not adequately resolved on financial transparency, the potential negative impact could be significant," said the head of the IMF mission Luca Ricci.

The international agency recognized the government's commitment to strengthening the financial integrity of the country, but urged Varela to move quickly.

"It is critical that he gets full political support so that the National Assembly can approve a law that facilitates compliance with international standards as quickly as possible," Ricci said.

A draft law on the matter will be presented next week.

According to the Ministry of Economy and Finance, the law "will strengthen the systems of monitoring and control of both the financial sector and the non-financial sector and comply with 60 percent of the action plan agreed upon with the Financial Action Group."

In 2014, the group included Panama on its "grey list" of countries with shortcomings in the fight against money laundering and the financing of terrorism.

The IMF also said that the economic projections of the country are "favorable" and that growth in 2015 will remain stable.

"In the coming years it is expected that Panama's growth will be the highest in Latin America, around 6 percent to 7 percent per year," added Ricci.

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