Panama aims to hold on to its savings on oil

Juan Carlos Varela, the president of Panama, said that his government aims to use the savings on its oil bill to bolster its social security system and cover the expected deficit in public spending for the coming years.

In an interview in Davos with the Efe news agency, Varela said that the reduction in oil prices represents a saving of some $700 million for the government.

Full story (in Spanish)