Panama Gets Money to Fight COVID-19

The Development Bank of Latin America, also known as CAF, donated $400,000 in humanitarian aid for Panama’s ventilator needs. “It will be used for the acquisition and installation of advanced ventilators for adult, pediatric and neonatal intensive care to strengthen the care of COVID-19 patients in medical facilities nationwide,” CAF said in a statement. The…
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Work Contracts Suspended, Solidarity Program Announced

Work contracts are now temporarily suspended as of the date of business closure. By Executive Decree No. 81, employees are no longer required to provide service, and employers are not required to pay wages. The measure applies to companies affected by a previous executive decree that shuttered business deemed non-essential in times of Covid-19. The…
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IMF Predicts 4.8% Growth for Panama

The International Monetary Fund (IMF) says that Panama’s economy may be getting back on its feet in 2020. “We see that there is a clear recovery in the economy. We expect that the economic growth for this year will be of the order 4.8 percent,” said head of mission Alejandro Santos, who also predicted that…
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Canal Administrator makes $26,666 a Month

Panama Canal administrator Ricaurte Catin Vásquez earns $26,666 a month. According to the Panama Canal Authority (ACP) payroll report, published on the Ombudsman’s Office website, that breaks down to $14,666.67 in salary and $12,000 in representation expenses, or just under $320,000 a year. Minister for Canal Affairs and Chairman of the Board of Directors of the…

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Domestic Workers Get a $25 Raise

Domestic workers will now earn $25 a month more as of January 15, 2020. Established by Executive Decree 424, the minimum salary thus increases from $275 to $300 in Region 1, which includes Panama, Colon, San Miguelito, David, Santiago, Chitré, Aguadulce, Penonomé, Bocas del Toro, La Chorrera, Arraiján, Capira, Chame, Antón, Natá, Las Tablas, Bugaba, Boquete, Taboga, San…

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$2.1 for Presidential Palace Remodel

The Presidency will spend $2.1 million on remodel projects in the presidential palace. As stated in the contract, the goal is “to eliminate contaminating elements that directly and indirectly affect health, as well as ensure a more welcoming and aesthetic environment for the user and visitors.” The project will focus on rehabbing the offices of…

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Government to Pay Colon Free Zone Debt

The Ministry of Economy and Finance says that the government will pay off $85.3 million that the Colon Free Zone owes to the National Bank of Panama. The debt dates to March 2014, when the free zone signed a 15-year loan for $122.5 million at an interest rate of 5.75% to finance the Colon road…

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Cable Car for Panama City Beaches?

The Mayor’s Office is proposing a cable car that would run parallel to Panama City’s future beaches. Although not part of the beach recovery project, the cable car would connect the more or less one-mile stretch from Matasnillo River to the Seafood Market. Bidding could start as early as February. The $120 million beach recovery project…

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Panama to Eliminate Gambling Tax

In an effort to attract more tourists, Panama’s Gaming Control Board announced that it will cancel the 5.5% tax on gambling winnings. The removal of the tax, imposed by the administration of President Juan Carlos Varela in 2015, is expected to attract more international players and boost the tourism economy. In addition, Panama’s Ministry of Economy…

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