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Monday, June 17 2019 @ 04:35 PM UTC

Panama Canal Authority Delivers $814 Million To Panama Government

Canal Daily OperationThe Panama Canal Authority (ACP) transferred to the government of Panama $814.67 million dollars, or about $60 million dollars more than what was budgeted for 2010, according to an official source. The Minister for Canal Affairs and Chairman of the Board of the ACP, Rómulo Roux, said in a press release that the financial statements of the entity that manages the inter-oceanic route were approved for fiscal year 2010 (October 2009 to September 2010.) The Board of Directors of the Panama Canal Authority approved the transfer to the National Treasury a surplus of $470.60 million dollars, $342.21 million dollars for net ton rights, and $1.86 million for payments for services rendered by the State. This annual payment is governed by the Constitution of Panama and the Organic Law of the Panama Canal Authority. The Panama Canal Authority contributed more than $60.7 to the National Treasury over what was budgeted ($753,977,000) for fiscal year 2010.

The Panama Canal, built and administered by the United States between 1903 and 1999, came under full sovereignty of Panama from December 31, 1999, in accordance with the Torrijos-Carter treaty also ended the U.S. military presence in the Central American country on that date. From 2007 to 2014 the project to expand the waterway is being developed, at an estimated cost of $5.25 billion dollars, which will double the annual capacity from 300 million to 600 million tons per year with the construction of a third larger set of locks. (Telemetro)

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Panama Canal Authority Delivers $814 Million To Panama Government | 1 comments | Create New Account
The following comments are owned by whomever posted them. This site is not responsible for what they say.
Panama Canal Authority Delivers $814 Million To Panama Government
Authored by: Anonymous on Sunday, November 28 2010 @ 09:07 PM UTC

I cannot help but comment on the income from the canal. With such wealth of income form the canal itself I have some questions I would like to put to the government.

#1. Why are there any taxes in Panama? It just went from 5% o 7% recently, I
heard? Did the government run out of money?

#2. Why aren’t all roads, even small roads paved in every part of the country?

#3. Why are there still poor people in Panama? They beg in Las Tablos on the streets.

It seems to me all of the people in Panama should benefit from the canal. Where does all the money go from the canal? Is any one individual or government branch held accountable for canal revenue. Who is the “organic law of panama canal authority?” What are “net ton rights?”

It seems to me Panama should be the richest country in the world. The canal had been paid for, for years now, other than minor operating costs its all profits.

Shouldn't the government release a financial report where every penny of that canal money is spent.

I only know one thing, where ever there are large sums of money there will be corruption an a scale just as large. Is that what is going on here?
Somebody straighten me out?

Confused Expat in Pedasi