Canal Authority approves $1.824.12 billion tranfer to State

The board of directors of the Panama Canal Authority (ACP) approved on Tuesday, December 15, the delivery to the National Treasury direct contributions of $1.824.12 billion corresponding to the fiscal year 2020, which runs from October 1, 2019, to September 30, 2020. 

This amount corresponds to the excess of Canal revenues, rights per ton of transit and the payment for services rendered by the State, as established by the constitutional mandate to operate profitably.   

Despite the pandemic, the Panama Canal closed fiscal year 2020 with 475.1 million tons, as a result of having offered an uninterrupted service to its clients and with biosecurity measures to protect its collaborators, amid the impact that the pandemic caused globally. 

Compared to what was projected there was a 4% decrease in tonnage.   

The  Constitution of the Republic establishes that the Panama Canal will transfer its economic surpluses to the National Treasury every year after covering the costs of operation, investment, operation, maintenance, modernization, expansion, and the reserves necessary for contingencies, provided in accordance with the law. 

The administrator of the Panama Canal, Ricaurte Vásquez Morales, highlighted the resilience of the 9,300 Canal employees who, working together as a team, sought the continuity of the Canal and the services it provides to the world, adapting to the challenges as a consequence of the pandemic.

The administrator of the Panama Canal, Ricaurte Vásquez Morales, highlighted the resilience of the 9,300 Canal employees who, working together as a team, sought the continuity of the Canal and the services it provides to the world, adapting to the challenges as a consequence of the pandemic.