Lawmakers in Panama approved the government’s plan to create the country’s first sovereign wealth fund with revenue from an expanded Panama Canal to help buffer Latin America’s fastest-growing economy in a downturn.
Lawmakers voted 41-19 today to approve the creation of the fund, which would take effect after the canal’s $5.25 billion expansion is completed in 2014. With at least $300 million to start, the government estimates savings will grow by about $1.5 billion per year from taxes on the canal, Finance Minister Frank De Lima told lawmakers before voting took place...............................................Full Article: Source |