Minister for Panama Canal Issues, Aristides Royopresented at the plenary session National Assembly the bill he issued Budget of the Panama Canal Authoritywhich predicts the revenue for the order 4 thousand 776.5 million dollars and operating costs for one thousand 542 million dollars.
Also, direct contributions to the state are estimated HRK 2,470.8 million and other payments for 247.9 million for validity from October 1, 2023 to September 30, 2024.
Royo announced that the Panama Canal is implementing procedures to improve water efficiency in its operations, while conducting studies and proposing long-term solutions to address the challenges posed by climate variability.
On the other hand, Royo argued that the recurrence of extreme drought events, three in the last decade, forced the Canal to take operational contingency measures to conserve water.
He added that, for the first time, the budget foresees a limit on the number of daily transits, as well as a draft limit expected due to the water shortage.
In it Panama Canal predict that it will not be possible to attend 1515 high-profile transits or 23.8 million tonsdue to the state of the water. The effect of these cuts will mean $200 million less in revenue.
In order to maintain an acceptable level of reliability, the waterway has defined a number of measures to mitigate the short-term impact, including: timely informing users of operational restrictions, maintaining a minimum Lake Gatun 79 feet or 24.07 metersmaintain maximum transit capacity through neopanamax locks and respect transits with reservations.
He emphasized that the adoption of the budget will ensure Panama Canal Authority the instrument needed to guarantee that the waterway continues to function in a safe, smooth, efficient and profitable manner, to continue with the road modernization programs, to continue with the research of a complete solution for the management of water resources that guarantees the quantity, quality and control of water for human consumption, as well as for work channel and continue to contribute to the economic development of the country.
Source: Panama America
I am Jason Root, author with 24 Instant News. I specialize in the Economy section, and have been writing for this sector for the past three years. My work focuses on the latest economic developments around the world and how these developments impact businesses and people’s lives. I also write about current trends in economics, business strategies and investments.
