President-elect Jose Raul Mulino has appointed business magnate Felipe Chapman as Minister of Economy and Finance and economist Javier Martinez-Acha as Foreign Minister, signaling a pro-private sector stance in his upcoming administration.
Panama's newly elected President-elect Jose Raul Mulino has made his first cabinet appointments, choosing business leaders and an economist to fill key posts.
Mulino, who will take office next month, has appointed Felipe Chapman, the son of former Planning Minister Guillermo Chapman, as Minister of Economy and Finance. Analysts from BancTrust & Co. have hailed this appointment as a positive development that could lead to improved fiscal management in the upcoming years.
Mulino has also selected economist Javier Martinez-Acha as Foreign Minister. The President-elect has emphasized the importance of collaboration and leading the country with the best possible people.
In addition to Chapman and Martinez-Acha, Mulino has appointed former national police chief under Martinelli, Julio Molto, as Trade Minister. Molto will oversee the closure of the First Quantum copper mine in the nation.
Martinelli is a close ally of Mulino's and had headed the presidential ticket before being disqualified from this month's elections. Despite his legal troubles, Martinelli's 2009-2014 administration was an economic surge, with businesses and job creation prospering.
Mulino has vowed to continue Martinelli's economic approach, but analysts from BancTrust have cautioned about the challenges inherited from the outgoing administration. They believe that maintaining fiscal consolidation in the short term remains unlikely.
Mulino has also named Jose Icaza, the former head of Panama's chamber of commerce, as Minister for the Panama Canal. The trade route has recently been impacted by a severe drought, causing restricted daily crossings.
The President-elect has indicated that he has yet to name an Interior Minister and an Education Minister.
Mulino has pledged to create an administration favorable to the private sector. His cabinet appointments reflect this commitment, with business leaders and economists holding significant positions in his government.
The new cabinet will face challenges inherited from the outgoing administration, such as maintaining fiscal consolidation and addressing the drought-related issues affecting the Panama Canal.
