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New Panama leader plans food price controls

Wednesday, May 7, 2014


Panama's president-elect will impose price controls on a range of basic foods to dampen rising costs, a step that will hit his bitter rival, outgoing president and supermarket tycoon Ricardo Martinelli.

Juan Carlos Varela, the Panamenista Party leader and winner of Sunday's election, said he is clear what his first policy will be when he takes office on July 1.

"Establish emergency price controls on 22 products in the basic basket to lower the cost of living by more than $600 million for the Panamanian people and avoid speculation in products," he said.

Source: Reuters