Panamanians eagerly awaited the results of the presidential election held on May 5, 2024, which has been dominated by the unfolding drama surrounding the country's former president, Ricardo Martinelli [25270a8c]. However, Martinelli was not on the ballot. The leading candidate in the election was José Raúl Mulino, a conservative lawyer who replaced Martinelli as the candidate for the right-wing Realizing Goals (RM) party [51537514]. With 87% of the votes tallied, Mulino was elected as the new president of Panama, pledging to revive the economy, crack down on drug cartels, and shut down migration routes to the US [66683532] [cb64fc3f].
José Raúl Mulino's victory in the presidential election is considered historic and tumultuous. Mulino, who was practically retired from politics just over six months ago, will serve as president for the next five years [cb64fc3f].
Mulino plans to seek a government of national unity and will take office on July 1. He aims to target nominal economic growth of 7% through public works projects and incentives for foreign investors. Investors are particularly interested in whether Mulino will find a way to reopen First Quantum Minerals Ltd's $10 billion copper mine, which was shut down by a court ruling in December. The mine represented 5% of GDP and was a significant source of tax revenue and exports [66683532].
The nation has been facing unrest, credit rating downgrades, low water levels in the Panama Canal, and the closure of a major copper mine. Mulino will also need to address environmental concerns and community protests as the country seeks new sources of water for the Panama Canal after a severe drought [66683532].
Additionally, Mulino plans to shut down the migrant trail through the dense jungle region between Colombia and Panama, which is a major transit route for migrants, mostly Venezuelans, hoping to reach the US [66683532]. Mulino served as security minister during Martinelli's administration from 2009-2014 and has promised a 'full-frontal assault' on drug trafficking [66683532]. The outcome of Mulino's policies could potentially impact the US presidential election in November, as migration is a key concern for voters [66683532].
The election comes after months of political turmoil and protests, with voters weighing promises of economic prosperity and migratory crackdowns against a corruption scandal that has plagued the country. The main concerns of voters in Panama are the high cost of living, access to drinking water, and crime [25270a8c]. The country's current president, Laurentino Cortizo, will vacate his seat after a term marred by allegations of corruption, declining foreign investment, and rising public debt [25270a8c]. The Panama Canal, which sustains the country's economy and moves about 6% of the world's maritime trade, has also faced challenges due to a drought, limiting traffic and impacting trade and economic activity [25270a8c].
Panama's new president, Jose Raul Mulino, is inheriting a series of challenges including social unrest, the cancellation of a major investment, doubts about fiscal sustainability, and a historic drought affecting the Panama Canal. These issues represent an existential crisis for Panama, which needs urgent reinvention [69657d37]. Mulino plans to promote a pro-investment, pro-private company government and build a national unity government. However, his win is tainted by his association with former president Ricardo Martinelli, who sought asylum to avoid prison. Mulino must address the Martinelli issue and govern with the support of different political and social groups [69657d37].
Panama's economy is constrained by a growing pension crisis and the impact of the COVID-19 pandemic, with the IMF projecting a modest growth rate. Mulino also faces challenges related to a shuttered mine, water management for the canal, and the humanitarian crisis of migrants crossing the Darien Gap. Panama needs to adapt its economic and political system to a changing world and regain fiscal credibility. Mulino must solve the Martinelli problem quickly and rally broad-based support to put Panama back on the path to prosperity [69657d37].
José Raúl Mulino, a pro-business politician, has been inaugurated as the new president of Panama. His administration faces the challenges of reviving the economy and addressing the ongoing migration crisis through the Darién jungle. Panama's economy has been heavily disrupted by the water crisis affecting the Panama Canal and the closure of the Cobre Panama mine. The national debt has ballooned to over $50 billion. Mulino proposes a massive repatriation of migrants and seeks financial support from the United States. He plans to strengthen border security and enhance cooperation with neighboring countries. Mulino faces a fragmented parliament and public skepticism about his association with former President Ricardo Martinelli. His administration's success depends on implementing effective reforms and building trust. Mulino's presidency marks a critical juncture for Panama, and the coming months will determine the effectiveness of his policies in reviving the economy and managing the migratory crisis. [0bd480b0]
Panama's new president, Jose Raul Mulino, took office on July 1, vowing to reactivate the economy and curb illegal immigration [cb3710c1]. Mulino promised to return economic growth to levels seen during the government of ex-President Ricardo Martinelli. He also pledged to crack down on irregular migration through Panama's borders and seek assistance from other countries, particularly the United States [cb3710c1]. Mulino campaigned on closing the treacherous Darien Gap, a jungle between Colombia and Panama that many U.S.-bound migrants pass through [cb3710c1].
Panama’s new president, Jose Raul Mulino, took office on Monday vowing to reactive the economy and put the brakes on illegal immigration coming through the Central American nation’s southern jungle. Mulino promised to return economic growth to the levels seen during the government of popular ex-President Ricardo Martinelli. Mulino also said that Panama would crack down on irregular migration through its borders and seek assistance from other countries, especially the United States. During his campaign, Mulino pledged to close the Darien Gap, a treacherous jungle between Colombia and Panama that has become part of the journey for many U.S.-bound migrants. [29d46621]