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$1 billion Canal savings fund to protect Panama

Wednesday, August 31, 2011


Panama’s government created a “sovereign fund” based on savings from the Canal’s earnings.
 
“Basically, the idea is to have a savings fund that can be used in emergencies, such as natural disasters or an economic crisis,” said Alverto Vallarino, the Finance minister.
 
In the next financial year, which begins on October 1, the Panama Canal Authority plans to handle over $950 million to the government, though the amount will rise after completion of the expansion of the Canal.
 
Original source (in Spanish): AFP