Thumbs down on government asset sales means budget review

Failure to achieve the support of the National Coalition for Development on the sale of shares in joint ventures and land in the Colon Free Zone will lead to budgetary adjustments.

Minister of Finance Frank de Lima, made the announcement on Wednesday, June 20.

It was believed that  the sale of  the assets would bring in around $400 million. The minister said that he will have to make budget adjustments to meet the social responsibility law.

 He explained that will be cuts in investments, operating costs and new projects will not be put  into effect until the next budget for 2013. 

"The 2013 budget itself will show see real revenue because the revenues 2012  figures were based on assumptions; the assumptions of the sales of shares and land of the Colon Free Zone, "he said. 

On the sale of land on the Pacific (Farfan, Veracruz and Amador) announced by the Cabinet on Tuesday , De Lima denied any link with the search for funds and said that this process has no relation to the loss of funds if  the sale of shares does not materialize.. He said that past governments have sold land.