September, 29 2006 - ANNUAL REPORT of REPUBLIC OF PANAMA
...RECENT DEVELOPMENTS Government On April 28, 2006, President Torrijos announced several changes to his cabinet. President Torrijos appointed Carlos A. Vallarino as Minister of Economy and Finance to replace former Minister Ricaurte Vásquez, who was named Minister of Canal Affairs and will continue to act as President of the Panama Canal Authority’s Board of Directors. Héctor Alemán, former Minister of Government and Justice, left his position to become a coordinator in the national debate regarding the expansion of the Panama Canal. Pursuant to Law No. 1 of January 3, 2006 and Article 159 of the Panamanian Constitution, the National Assembly granted President Torrijos extraordinary legislative powers through February 28, 2006, when the National Assembly ended its recess and a new legislative session began. President Torrijos’ exercise of extraordinary legislative powers, which was limited to certain actions, included the establishment of a trust fund to benefit the rehabilitation and modernization of the Panama Canal, the reorganization of Panama’s competition commission and Banco Nacional de Panamá, the delegation of new responsibilities to the Ministry of Commerce and Industry and the Ente Regulador de los Servicios Públicos and the creation of an independent entity to regulate the importation of food products.
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