BRIEFS. Government

Bill on canal revenue moves closer to approval

A bill that outlines the spending of a portion of revenue from the Panama Canal through 2025 moved closer to approval yesterday after it received the go-ahead by a working committee.

The bill will now be sent to the Consejo de Gabinete for approval.

Its adoption is a step forward in the implementation of the agreements reached by the Consejo de la Concertación Nacional para el Desarrollo, which was reached in late October.

The accord outlines how 35 percent of the resources provided by the Panama Canal to the national treasury will be spent between 2009 and 2025.

Once approved, it will be forwarded for consideration by the Asamblea Nacional.

According to the terms reached by the Consejo de la Concertación Nacional para el Desarrollo, the money will be used to combat poverty in the country.