The Panama Government Projects Revenues of up to $100 Million in 18 Months after Takeover of the Balboa and Cristóbal Ports

Panama City: The Government confirmed that the Panamanian State could receive up to $100 million over an 18-month period as a result of the operation of the Balboa and Cristóbal ports, while the announced public bidding process is underway.  This was reported by the Minister of Economy and Finance, Felipe Chapman pictured below, who explained that the projections are based on estimates built together with port operators and shipping companies.  “Based on the projections we have made taking into account feedback from the port operators and shipping companies themselves, everything indicates that within a period of up to 18 months, because let’s remember that it is temporary, there will be a public tender,” he said.  The minister explained that, in order of magnitude, the Republic of Panama could be receiving up to 100 million balboas, a figure that, he indicated, far exceeds what was generated by the contract that was declared unconstitutional by the Supreme Court of Justice. 

The estimates, he clarified, are linked to the volume of operations and the behavior of international trade, factors that directly affect the country’s port activity.  The official noted that this scheme is temporary, for approximately 18 months, and that the public tender that has already been announced must be finalized subsequently.  For his part, Minister Chapman reiterated that Panama is prepared to assume the expenses involved in any eventual international arbitration.  He noted that the country has already faced similar situations, as happened at the time with the Panama Canal Authority in matters of arbitration, and assured that the Government is ready for any scenario that may arise, which it considers from a positive perspective.