Panama Canal will contribute over $1.8 billion to the National Treasury
The Board of Directors of the Panama Canal, in compliance with its constitutional mandate to operate profitably, approved on Tuesday the delivery to the National Treasury of direct contributions in the order of $1.824 billion for fiscal year 2020, corresponding to the surpluses, fees per ton of transit and payment for services provided by the State.
With the approval of the financial statements of the Panama Canal for the fiscal period from October 1, 2019 to September 30, 2020, the Board of Directors declared $1.281 billion as economic surplus from the operation of the highway, in addition to $540 million in concept of rights per ton, indicated in the statement by the Canal Board.
The direct contributions approved are the product of the performance of the waterway during fiscal year 2020, which closed with 475.2 million tons CP / UMS (volume measure of the Universal System of Ship Tonnage of the Panama Canal).
Since its transfer to the Government of Panama 21 years ago, the Canal has complied with remitting the annual contributions to the National Treasury required by the Constitution. In this unprecedented year, we reaffirm that responsibility by ensuring the well-being of our team that made it possible to keep the path open in the midst of a pandemic ”, stated the Chairman of the Board of Directors and Minister for Canal Affairs, Aristides Royo.
Within the direct contributions are included $2.03 million in payment for services rendered to the Canal by other State entities.
The administrator of the Panama Canal, Ricaurte Vásquez Morales, pointed out that the resilience of the 9,300 Canal employees who, working in unison as a team, sought the continuity of the Canal and the services it provides to the world, adapting to the challenges as a result of the pandemic.
The Political Constitution of the Republic establishes that the Panama Canal will transfer its economic surpluses to the National Treasury each year after covering the costs of operation, investment, operation, maintenance, modernization, expansion and the necessary reserves for contingencies, provided in accordance with the law.
It is also indicated that the Canal will pay annually to the National Treasury rights per net ton charged to ships that transit the interoceanic route.