Vallarino said that only Petaquilla Mine itself would provide $ 5.000 million in thirty years.

CARLOS CORDERO ANEL
ccordero@laestrella.com.pa

PANAMÁ.
Given the lack of resources, the Government commitment to mining as a source for funds for an ‘ambitious’ investment plan includes a series of mega-projects and other works set in the Investment Plan for the next four years.
The government ‘needs to raise more’, said the President of the Republic, Ricardo Martinelli.
Resources are needed for use in the execution of works, purchase of medicines, building hospitals and providing better services to the population.
While mining in the country continues to generate a potential rejection by the people, the government continues to show that they will not back down and is expected to approve next week the amendments to the Mining Code governing the activity.
Since last May, Minister of Economy and Finance (MEF), Alberto Vallarino, stated that the revenue gained from the new mining concessions would be funds for financing the works described.
Vallarino said that only Petaquilla Mine itself would provide $ 5.000 million in thirty years.
The government has raised taxes on taxpayers, the Fiscal Responsibility Prosecutor will not allow the State to continue borrowing said economist Adolfo Quintero.
Another alternative for obtaining government funding would be the sale of actions of semi-privatized institutions.
For 2011, the budget includes investments of $ 5.409 million add to that more than $ 200 million for damages caused during last year’s floods.
Quintero said these emerging factors are not covered by the budget, making it necessary to search for new sources of income.
The Plan of Government of the Alliance for Change, developed in the campaign, Martinelli promised once in power, he would ‘update’ and review the mineral potential of Panama.

(this is an excert of the original article)

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