The Panama Canal Budget project for fiscal year 2023 estimates revenues of B/.4,652.9 million and contributions to the National Treasury of B/.2,544.6 million, was authorized this afternoon by the Cabinet Council, to be presented to the National Assembly by the Minister for Canal Affairs, Aristides Royo.
This project, adopted by the Board of Directors of said entity, through Agreement 401 of July 28, 2022, considered the highest to date, also includes other payments to the Panamanian State for the sum of B/.246.9 million. In 21 years of Panamanian administration, the Panama Canal has delivered contributions to the National Treasury for B/.20,722.5 million. For 2022, the Canal has budgeted contributions to the National Treasury for B/.2,497.2 million.
By law, after receiving the approval of the Cabinet Council, the budget project for the Interoceanic Highway must be submitted to the National Assembly for approval or rejection, as established in Title XIV of the Political Constitution of the Republic.
The council of ministers also approved the draft Cabinet Decree 23-22, which modifies Cabinet Decree 23 of July 14, 2020 and authorizes the signing of Addendum 1 to Trust Agreement 0023 called the Special Fund to Stimulate the System Banking of Panama to include as an objective to serve as a guarantee in those loans that are granted to micro, small and medium enterprises and other key sectors of the national economy in order to stimulate the economic activity of the country.
This is an extension that is made to the already established fund to stimulate the Banking System to include that it can be used to support the financing of micro, small and medium-sized enterprises, as part of the economic recovery strategy.
