The newly elected President of Panama, Jose Raul Mulino, promises to solve the problems of the Panama Canal. Last year it became shallow due to severe drought, and shipping was limited. Because of this, the country is losing income.
Mulino will call on parliament to approve a law that would allow the canal authority to build a large reservoir.
If the initiative is approved, construction of the reservoir will last five years and cost $900 million.
Mulino also plans to build a major railway and wants to make it the biggest project of his administration.
The new president intends to create a team of specialists that will optimize the process of foreign companies investing in Panama. He will also explore the possibility of joining the South American trade and economic bloc Mercosur.
Mulino is a former security minister. He won the presidential election on May 5 with 34% of the vote. Mulino ran for the right-wing Realization of Goals party. He will take up his new position on July 1.
