Commerce Minister Resigns

(MENAFN- Newsroom Panama)

Federico Alfaro who headed the Ministry of Commerce and Industries (MICI), presented his "irrevocable resignation" from the position after the Supreme Court declared Law 406 of the mining contract was unconstitutional.

Alfaro was the one who oversaw the negotiations of the contract that, according to the Court, violates 25 articles of the Constitution, and that has been ordered to be expelled from Panamanian regulations.

The current head of the MICI said that it was a privilege to hold the position, but the decision corresponds to "the desire to give space to the broad and sincere dialogue that the country demands."

He assured that his goal was always to promote the national industry and attract foreign industry, but the process of drafting the mining concession contract for the Cobre Panamá project, which was born more than 32 years ago, was a great challenge.

"When he took office, the terms of the negotiation had already been agreed upon, however, a contract that would guarantee the greatest benefits that the Republic of Panama would receive had not yet been achieved," he stressed.

Alfaro referred to the rejection in the streets of the mining contract and the ruling of 'unconstitutionality' by the CSJ on Law 406 that approves the contract, pointing out the alleged consequences that this could bring such as the impact on the country's investment grade, international arbitrations, loss of jobs, economic instability, increases in bank interest rates, among others.

After learning of the ruling, many voices have joined in asking that those who participated in these negotiations assume responsibility for what was done.

The appointment of Jorge Rivera Staff was also announced as the new Minister of Commerce and Industries, who until now served as Secretary of Energy.


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