MEF Will Cut $170 Million From 2012 Annual Budget
The Minister of Economy and Finance, Frank De Lima confirmed that at least $170 million dollars will be cut from the 2012 budget. He also said the government would not be buying any new cars this year, that they would be cutting travel expenses, but he did not rule out the possibility that the government still might sell land in Farfan and Amador. Within these $170 million, he broke it down to cuts of $110 million in operating costs and $60 million in investment projects. (TVN)
Editor's Comment: This morning the former Minister of Economy and Finance Alberto Vallarino was on TVN, defending himself against claims he was responsible for putting together the 2012 budget. Vallarino is one of the Panameñistas who resigned in September 2011, after the breakup of the alliance between their party and the Cambio Democratico. It was sort of funny watching Vallarino squirm, saying how the budget was approved by the entire executive Cabinet Council (although he did put it together), signed by the President, and passed by the National Assembly, all controlled by the CD. However - yeah - it was his plan, including the part about the $400 million dollars they expected to get from selling the state owned shares in the electrical and telecommunications companies. Whoops.
