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Monday, June 24 2019 @ 01:46 PM UTC

National Assembly Approved Panama Canal Budget For FY2013

Canal Daily OperationThe Budget Committee of the National Assembly on Monday approved on third reading, Bill No. 495 of the budget of the Panama Canal Authority (ACP) for fiscal year 2012-2013, which amounts to $2.38 billion dollars. The main source of budget revenue lies in canal tolls paid by ships transiting the Canal, estimated at $1.8367 billion, representing 77% of total revenues. These amounts are $8.3 million higher compared to fiscal year 2012. The approval of Bill No. 495, which dictates the Budget of the Panama Canal Authority for the fiscal year starting on 1 October 2012 through 30 September 2013, was performed in the presence of the Minister for Canal Affairs Romulo Roux, and the Panama Canal administrator Alberto Aleman Zubieta. (Telemetro)

Editor's Comment: As a result of this budget, the Panama Canal will be paying just over $900 million into the coffers of the Panamanian government in profits. The rest will be spent on operations, maintenance, and the expansion of the Panama Canal. Once the expansion is complete in a couple of years, the Panama Canal will be making about $2 to $3 billion dollars per year in profits for the government of Panama. Also known as Metro Line 2, Metro Line 3, etc. Over the next five years the annual budget for the Panamanian government will creep up to about $20 billion per year. From 2014 - 2019 the next government will oversee the spending of a total of about $100 billion dollars in state funds. And, that's what the politicians are fighting over. Who gets to control the spending of that money. Yeah, sure, flag, country, patria, poor people, kissing babies, etc. It really comes down to the money. The people in this photo are smiling because they are the ones who are currently spending the money. It makes them happy.

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