He Cabinet Council approved the expansion of the price per gallon of fuel to $3.25 for 91 octane gasoline as well as diesel.
The measure will remain October 16 and until November 14, 2023.
This decision cancels the effects of Article 1 Government Resolution no. 60 of May 19, 2022which temporarily stabilizes the price of fuel with a state contribution of up to 20 million dollars.
According to the statement of Presidencythe extension of this subsidy represents a great effort, a fiscal sacrifice of the State Government in order to reduce the high price of products and services to the population in general, and to continue the economic revival of the country.
The Council of Ministers also approved contracting, under an exceptional procedure, which will take place in between Panama Tourism Authority (ATP) and IC Proyectos Consortiumcomposed of companies ITECPA, SA and CONCORSA, for the project “Studies, design and construction for the rehabilitation and improvement of roads of the Cuango – Santa Isabel road in the district of Santa Isabel, province of Colón”.
This road infrastructure project dating from 2013 has a 23 kilometer extension with asphalt concrete, benefits 1200 inhabitants and represents an alternative to promote the products of nautical, cultural and ethnic tourism of this region in the country.
The construction and renovation of the Cuango – Santa Isabel highway will stimulate the reactivation of the economic and social development of the area and integrate the communities of Cuango, Playa Chiquita, Palmira and Santa Isabel, as well as the surrounding towns, taking into account the tourism potential of the area, the provision of land, i.e. tourist destinations Portobello and Santa Isabelwhich is part of the eight tourist destinations of the Sustainable Tourism Master Plan of Panama 2020-2025.
Likewise, an additional supplementary loan was approved General state budget for fiscal year 2023, with an appropriation in favor of the Benemérito Fire Department of the Republic of Panama, in the amount of $6,279,193.00 for insurance, food and fuel.
The amount is already approved National Economic Council (CENA)favorable report on financial viability and benefits Chief Controller of the Republic and feasibility by Ministry of Economy and Finance (MPEG) include in the operating budget of the Benemérita Fire Service of the Republic of Panama.
The source of funding is cash and the bank balance of the Trust account, which as of August 31 has an amount of $187,606,066.14.
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.
