Panama's president-elect vows to help fix canal water problems, build major train line

Record ID: 1815323

  • Title: Panama's president-elect vows to help fix canal water problems, build major train line
  • Date: 9th May 2024
  • Summary: PANAMA CITY, PANAMA (MAY 8, 2024) (REUTERS) (SOUNDBITE) (Spanish) PANAMA'S PRESIDENT-ELECT, JOSE RAUL MULINO, SAYING: "I am positive and optimistic. I have noticed a lot of acceptance in the private sector regarding my presidency and before my candidacy. I come from the private sector. I have said a thousand times that this will be a pro-private enterprise and pro-investme
  • Embargoed: 23rd May 2024 04:54
  • Keywords: Mulino Panama Panama Canal politics president-elect
  • Location: PANAMA CITY & COLON, PANAMA
  • City: PANAMA CITY & COLON, PANAMA
  • Country: Panama
  • Topics: South America / Central America,Government/Politics,Elections/Voting
  • Reuters ID: LVA003115308052024RP1
  • Aspect Ratio: 16:9
  • Story Text:Panama's president-elect, Jose Raul Mulino, said on Wednesday (May 8) he will urge lawmakers to approve a law enabling the Panama Canal to build large water reservoirs in the face of an unprecedented drought that has hit the capacity of the vital waterway.
    In an interview at his office in Panama City, Mulino said he wants the law, which would grant the waterway permission to operate on land needed for the reservoirs, to be the first approved under his administration.
    The canal, he added, needs a solution to the lost revenue linked to adverse climate conditions.
    Mulino also said he wanted to make a major new tourist train - similar to one built in Mexico - a flagship project of his administration.
    Mulino, a 64-year-old former security minister, won Panama's election on Sunday with 34% of the vote after stepping in to replace former President Ricardo Martinelli, who was barred from running due to a money laundering conviction.
    After his victory, Mulino promised his government would be pro-investment and pro-business, adding that the Central American country would honor its debts, while he vowed to not forget the poor.
    Panama's debt amounts to over 50% of its GDP, totaling $49.8 billion, and analysts have called for the new administration to curb the rising trend.
    Fitch ratings in March downgraded Panama's debt to speculative grade, citing fiscal and governance pressures aggravated by the government-ordered closure of a giant copper mine run by First Quantum Minerals.
    Mulino said he was confident other rating agencies would maintain Panama's investment grade rating and that agencies would be satisfied with his government's economic plans.
    Mulino also said he has spoken with various world leaders following his win, including U.S. Secretary of State Antony Blinken and Brazilian President Luiz Inacio Lula da Silva.
    After the talk with Blinken, Mulino expressed his commitment to create a team devoted to streamline the process for U.S. companies to invest in Panama, and also said he agreed with Lula to explore the possibility of Panama joining the South American Mercosur trade bloc.
    The president-elect will take office on July 1 for a five-year term.
    (Production: Abraham Teran, Daniel Becerril, Rodolfo Pena Roja, Liamar Ramos)
  • Copyright Holder: REUTERS
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