Caribbean & Central America - 16 November 2004
PANAMA: Government goes after former finance minister
The president of Panama, Martín Torrijos, is holding good to a promise he made at his inauguration on 1 September to redress the wrongs committed during the administration of his predecessor Mireya Moscoso. On 1 November, the government announced that it was pursuing the former economy and finance minister, Norberto Delgado, on corruption charges.
The government wants Delgado to provide an explanation for the origin of various bank accounts and property that came into his possession while he was serving in the government. The current deputy economy and finance minister, Rolando Mirones, alleges that Delgado left office with far more of both than he had when he arrived. Moscoso herself could be next in line. Although she categorically denies that she ever 'stole anything' during her mandate, allegations are likely to materialise. According to a poll carried out in October by Dichter & Neira for the national daily La Prensa, a massive 71.4% of respondents believe corruption is the main problem in Panama.
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ECONOMIC OVERVIEW: PANAMA
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The economy is doing rather well. The Alatest report of the state of the economy by the Controlaria, which covers August, pointed out that most indicators were pointing upwards. The most positive figures came from electricity generation, the Colón free zone (which saw re-exports up by 22% for the first eight months of the year at US$3.25bn), the shrimp industry, and exports in general. The weakest sectors were the banana industry, the stock market, and construction. Outlook The agricultural sector has high hopes for the 2005 season. Non-traditional agricultural exports such as watermelons, pineapples and pumpkins are doing well. Melon exports have tripled so far this year to around US$19m and pineapple exports are up sixfold to US$5m. The Grupo de Agroexportadores Non-Tradicionales de Panamá reckons that it will ship 3,000 containers of products to the US and Europe this winter, 1,000 more than it managed in the last season. The trade should be worth US$35m. The EU is the biggest market for agricultural exports accounting for 62%. The US buys about a third and Costa Rica the rest. |