Panama Canal Authority Delivers $814 Million To Panama Government

Saturday, November 27 2010 @ 10:49 am EST

Contributed by: Don Winner

The 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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