Last Wednesday, April 9, US Secretary of Defense Pete Hegseth indicated that the government is seeking to negotiate with Panama to allow its warships to pass through the canal without paying tolls.

During his visit to Panama, the Pentagon chief stated that the United States is seeking an agreement with the Panama Canal Authority, the autonomous entity that operates the waterway, to allow US warships to navigate free of charge.

“It was important to us that, in times of emergency, our troops be able to pass first and free of charge. We thank our Panamanian partners for working with us on this,” the official said at a press conference.

Previously, the Panamanian government had indicated that it would work with the United States on an agreement to “compensate for the payment of tolls and fees for US warships.”

M.Pino

Source: swissinfo

(Reference image source: Alex Pagliuca on Unsplash)

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The Panama Canal plans to collect revenues of 4,215.4 million dollars in fiscal year 2022 and make a contribution of 2,497.2 million dollars to the public coffers of the Central American country, the largest in its history.

This is reflected in the Canal budget approved this week by the plenary session of the National Assembly in the third debate.

The budget anticipates that, for the first time, the Panama Canal will handle 536.6 million tons CP/SUAB (Panama Canal Universal Vessel Tonnage System) in the next fiscal year, which represents an increase of 3.9 % compared to what is projected at the close of the 2021 fiscal year, which ended this September 30.

Based on this tonnage, the Canal estimates that between October 1st, 2021 and September 30, 2022, toll revenues will total $ 3,108 million, in addition to other revenues from maritime services.

On the other hand, the budget includes necessary resources amounting to 1,408.8 million dollars for the operations of the Panama Canal and the maintenance of its equipment and infrastructure.

The president of the board of directors and minister for Canal Affairs, Aristides Royo Sánchez, and administrator Ricaurte Vásquez Morales, detailed that it is expected to deliver 2,497.2 million dollars in direct contributions to the National Treasury, the largest contribution to the country in the history of the Canal.

It also includes other payments to the Panamanian State in the amount of 238.4 million. The projected figures for fiscal year 2022 are based on the pricing strategy implemented by the Canal, the additional capacity offered by its new locks, which generate 54 % of the toll revenue, and the expectation of a robust demand for the service of transit.

K. Tovar

Source: Notiamerica

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