THE FUNCTIONS of Panama’s  ministerial commission formed nearly a month ago to address the actions taken by the U.S. government against the Waked Group, were defined by at a special meeting of  the Cabinet Council on Friday, June 3.

The meeting came shortly after the news of a successful agreement with the US Treasury Department, the first of its kind ever negotiated, that will  enable the Felix B. Maduro department stores to keep operating and save the jobs of over 1,000 employees.

Meanwhile an announcement was issued about a-ix months extension of the license of La Estrella De Panama and El Siglo newspapers while negotiations are underway for the possible acquisition of the papers by a non-US company.

One company that has severed all links with the Waked Group has been removed from the Clinton List and the  commission may be able to negotiate more

The U.S. government placed 68 companies linked to the Waked Family conglomerate on the Clinton list for activities related to money laundering and drug trafficking and the action has led to the government take-over  of the Riviera chain in Colombia.

Members of the commission are Economy and Finance Minister  Dulcidio De La Guardia, Luis Ernesto Carles and Augusto Arosemena. The three must analyze the cases and submit periodic reports to President Juan Carlos Varela on possible actions to take to deal with the impact of the actions on the economic system.

"For these purposes, the ministerial committee may fix consultations with economic agents and professional associations, as well as conducting the necessary studies, according to the public procurement regulations in force, in order to make the best decisions," said a statement from the Secretariat of State Communication.

De La Guardia, as chairman of the committee, was authorized to sign agreements with US authorities with the approval of the other members of the commission.