Panama President-elect Jose Raul Mulino is starting to build his cabinet, appointing business leaders and an economist to key positions. Mulino, who has promised an administration that is friendly to the private sector, selected Felipe Chapman for the economy and finance minister post and economist Javier Martinez-Acha as foreign minister. Analysts believe these appointments will lead to sound fiscal management in the coming years. Additionally, Julio Molto, a close ally of Mulino and former head of the national police under Martinelli, will serve as trade minister, overseeing the closure of the once-lucrative First QuantumFM.TO copper mine in the nation.
Former President Martinelli, a close ally of Mulino’s, was disqualified from running in the recent elections due to a money-laundering conviction. Despite his legal troubles, his administration from 2009-2014 was seen as an economic success, with businesses and job creation booming. Mulino has pledged to follow Martinelli’s economic strategy, though analysts warn that the new administration will face challenges inherited from the previous government. Maintaining fiscal consolidation in the short term may be difficult, according to analysts from BancTrust & Co.
The Panama Canal, one of the world’s busiest trade routes, has been impacted by a recent drought, leading to limited daily crossings. Jose Icaza, former head of Panama’s chamber of commerce, has been named the minister for the Panama Canal. Mulino still needs to appoint an interior minister and education minister. The cabinet selections made so far indicate a strong focus on economic development and close ties to the private sector.
The appointment of Felipe Chapman, son of former Planning Minister Guillermo Chapman, as economy and finance minister has been met with optimism by analysts. Chapman’s background in business leadership is seen as a positive development that will contribute to sound fiscal management in the coming years. Mulino’s commitment to building a strong team to lead the country suggests a proactive approach to governance, aiming to address the challenges faced by Panama and continue the economic successes of past administrations.
Despite the controversy surrounding Martinelli and his legal troubles, his influence on the recent elections was significant. Mulino, as a close ally of Martinelli’s, visited him after the vote and has vowed to follow his economic strategy. However, the new administration will need to navigate the challenges inherited from the previous government, according to analysts. Despite this, the appointments made by Mulino so far indicate a continuation of the economic policies of the past, with a focus on fiscal consolidation and economic growth.
As Mulino continues to build his cabinet, the focus on the private sector and economic development is evident in the appointments made. The closure of the First QuantumFM.TO copper mine under the leadership of Julio Molto, the trade minister, indicates a shift in economic priorities, while the appointment of Jose Icaza as minister for the Panama Canal highlights the importance of the trade route to the country’s economy. Mulino’s commitment to strong leadership and economic development is likely to shape the policies and direction of his administration in the coming years.
