Panama Canal makes million-dollar contribution to National Treasury

The Panama Canal Authority (ACP) on Wednesday contributed 2, 470.7 million dollars to the National Treasury, to cover the 2024 fiscal year, despite the intense drought that gripped the country in 2023.    

Speakers at the relevant ceremony, attended by President José Raúl Mulino, specified that this direct contribution comes from surplus funds, tolls per transit tons, and payments for services provided by the state to the canal authority. The contribution affirms the ACP´s dedication to hard work and its commitment to operate efficiently throughout the year, despite the challenges it faced, related to the El Niño phenomenon and a water crisis as a consequence of the prolonged dry season, said administrator, Ricaurte Vázquez.

This situation, amid the lack of rainfall, led to the application of severe restrictions on daily vessel transit and adjustments in vessel draft levels.

The current amount contributed is lower than the record contributions of 2, 544.5 million dollars and 2, 494.4 million dollars for fiscal years 2023 and 2022, respectively, according to official statistics.

Mulino told the Canal workers that this contribution from Panama’s main economic asset will translate into works scheduled for 2025, for the benefit of the country and creation of more employment, which is what is needed.

According to the Panamanian Constitution, the Canal must transfer its economic surpluses to the National Treasury each year after covering the costs of operation, investment, functioning and maintenance, among others.

The ceremony was also attended by the Minister for Canal Affairs, José Ramón Icaza; and the head of Economy and Finance, Felipe Chapman, among other authorities.