Panama paying the piper for Martinelli spending

655Views 0Comments Posted 12/09/2015

THE FORECASTS of many of Panama’s leading economists are coming true as the country faces the debt payments left by the previous administration.

The Ministry of Public Works will spend half of its 2016 budget paying off debts for "turnkey" projects trumpeted by Ricardo Martinelli.

The payments next will total $511.1 million and will include payments for the enlargements of Via Domingo Díaz and the Amador Causeway, and the construction of the third phase of the Cinta Costera.

Minister Ramón Arosemena said that despite the budgetary restraints, the agency will seek the best use of the funds it has for 2016.

Arosemena presented his proposed budget two days ago before the National Assembly. He was questioned by deputies for six hours about projects in their districts reports La Prensa.