Monday, January 17

Panama Canal delivers direct contributions to the National Treasury for $ 2,080 million – – Financial News of Panama

The Panama canal provided direct contributions to National Treasury for a total amount of $ 2,080 million for fiscal year 2021, which correspond to surpluses, fees per ton of transit and payment for services provided by the State.

The President of the Republic, Laurentino Cortizo explained that, in his administration, These Canal resources have served to face the pandemic and to develop and continue advancing in programs such as Panama Solidario, which reaches many Panamanians, especially those who are not working.

The Chief Executive stressed that Canal contributions serve to strengthen public finances, for social programs, to continue advancing in public infrastructure works, to continue supporting Social Security, and they benefit all Panamanians.

“As President of the Republic, I am honored to receive these resources and we hope that next year’s will be superior“Said Cortizo.

The chief executive received the contributions from the president of the Board of Directors and Minister for Canal Affairs, Arístides Royo Sánchez, and the administrator of the Panama Canal Authority, Ricaurte Vásquez, during a lunch at the official residence of the administrator of the Panama Canal.

After the approval of the financial statements of the Panama Canal for the fiscal period from October 1, 2020 to September 30, 2021, the Board of Directors declared $ 1,487.8 million as economic surplus from the operation of the road, added to $ 591, 1 million that are part of the payment for rights per ton.

Within direct contributions are included $ 1.7 million for services rendered to the Canal by other State entities.

The amounts approved by the Board of Directors reflect the performance of the Panama Canal during fiscal year 2021, which closed with a record 516.7 million tons CP / SUAB (volume measurement of the Panama Canal Universal Vessel Tonnage System).

The Minister for Canal Affairs, Aristides Royo, pointed out that “Panamanians are already close to turning 22 years since the transfer of the Canal We have more than demonstrated our ability to manage this strategic artery of commerce, combining a world-class service with the generation of benefits for our country.

For his part, the administrator of the Panama Canal stressed that the proof of contributions to the National Treasury reaffirms the conviction of the 9,000 men and women that make up the Canal’s human team for serving and contributing to the growth of the country.

From its transfer to Panamanian hands, The Panama Canal has made contributions to the National Treasury for $ 20,722 million, thus complying with the constitutional mandate to operate profitably and efficiently, while contributing sustainably to the development of the nation.

The Political Constitution of the Republic establishes that the Panama Canal will transfer each year to the National Treasury its economic surplus after covering the costs of operation, investment, operation, maintenance, modernization, expansion and the necessary reserves for contingencies, provided in accordance with the law.

It also indicates that the Panama Canal will pay annually to the National Treasury rights per ton net charged to ships transiting the interoceanic waterway.