$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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Over $338 Million for Panama Games

The Central American and Caribbean Games that will be held in Panama in 2022 will cost close to 338.8 million dollars According to the Presidency of the Republic, the country plans to build seven new sports structures including an athletic stadium, an aquatic center, a multisport facility, shooting stadiums, a racquet center and a velodrome…

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More One Dollar Bills Are Coming

In response to the shortage of $1 bills in the country, the National Bank of Panama announced that it will replenish the supply. The bills, requisitioned from the U.S. Federal Reserve, should arrive in October and are expected to facilitate transactions in the economy, which have been complicated by the use of the dollar coins…

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Gas Down at the Pump

Gas will will cost less starting on Friday, August 2 at 6 am. The price of a liter of 95 and 91 octane gas in the provinces of Panama and Colon will decrease by $.047 and $.035 to $.835 and $.800, respectively, with diesel down $.008 a liter to $.713. Lower prices apply throughout the…

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$13.3 Million for Contemporary Art

The Museum of Contemporary Art, also known as MAC Panama, received $13.3 million this week. Donated by Graciela Quelquejeu de Chapman, honorary director and founder of the museum, the money will be used as seed capital to build a new venue and expand the permanent collection, which currently includes about 700 paintings, sculptures, photographs, graphics…

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