Panamanian President-elect José Raul Mulino on Thursday brought business leaders and economists into his fold, promising his first Cabinet selection will be a private-sector-friendly government.
The Mulino government, which will begin the transition process next month, has appointed business leader Felipe Chapman to the post of economy and finance minister and economist Javier Martínez-Acha to the post of foreign minister.
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“The election campaign is over, and now it’s our job to lead the country with the best people possible,” Mulino said.
Mr Chapman is the son of former Planning Minister Guillermo Chapman.
His appointment is “clearly a positive development and increases the likelihood of sounder financial management in the coming years,” Banktrust & Company analysts wrote in a note to clients.
Panama’s next president, Jose Raul Mulino, celebrates with his supporters after being declared the winner of the presidential election based on provisional results from election authorities in Panama City, Panama, May 5, 2024. Mulino has brought business leaders and economists into his fold. , Mulino promised that the first cabinet selection would be a private sector-friendly government. (Daniel Gonzalez/Anadolu via Getty Images)
Julio Molto, the national police chief under Martinelli, will also serve as trade minister. In his role, Molt will oversee the closure of the country’s once-profitable First Quantum FM.TO copper mine.
Mr. Martinelli is a close ally of Mr. Mulino and was a leading presidential candidate before he was disqualified from running in this month’s election and replaced by Mr. Mulino.
The former president barricaded himself in the Nicaraguan embassy in Panama City after his conviction in a money-laundering case known as “New Business” was upheld, but the election continued, with Mulino visiting him after the vote. exercised a great deal of influence.
Despite the legal troubles, Martinelli’s 2009-2014 years were economically bumper, with business and job creation booming.
While Mulino has vowed to follow Martinelli’s economic strategy, “the new authorities will need to overcome challenges inherited from the (outgoing) administration,” Banktrust analysts wrote.
“The likelihood of keeping the country on a path to fiscal consolidation in the short term remains low,” they warned.
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Mulino also nominated José Icasa, former president of the Panama Chamber of Commerce and Industry, to be Minister of the Panama Canal. The trade route, one of the world’s busiest, has been hit by a recent drought that has limited daily traffic.
The president-elect said Thursday he still needs to name an interior minister and an education minister.
