Panama's cabinet greenlights 2019 budget

Panama's cabinet has approved a proposal for the 2019 budget of the national government totaling US$23.3bn, some US$549mn lower than this year, according to a government statement.

The proposal includes funds for public infrastructure projects and state companies, such as metro operator Metro de Panamá (US$583mn); the construction of a fourth bridge over the Panama canal (US$289mn), and Colón's urban renewal project (US$98.4mn).

Other projects to receive funds include the Panama Bay sanitation program (US$108mn), as well as water and sewerage projects (US$179mn).

Another US$320mn is proposed for the construction of hospitals and clinics in the provinces of Colón, Darién, Veraguas, Chiriquí and Los Santos.

The proposal will now be submitted to the legislature for approval.

PANAMA CANAL AUTHORITY

The also cabinet approved a proposed budget for canal authority ACP for the 2019 fiscal year amounting to US$3.24bn, up from US$3.03bn allocated this year.

The move authorizes canal minister Roberto Roy to submit the proposal to the legislature for approval.

The canal is expected to provide US$1.74bn to the national treasury, with toll charges forecast to increase by US$213mn.

Authorities propose to earmark some US$1.23bn of the budget for operations and for maintenance on the canal's equipment and infrastructure.

The ACP's fiscal year 2019 runs from October 1 of this year to September 30, 2019.