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About
Panama
Panama
Population: 3,000,463 (July 2004 est.)
Languages: Spanish (official), English 14%
Capital: Panama
Government Type: Constitutional Democracy
Independence Day: 3 November 1903 (from Colombia; became independent
from Spain 28 November 1821)
Legal System: Based on civil law system; judicial review of
legislative acts in the Supreme Court of Justice; accepts compulsory
ICJ jurisdiction, with reservations.
Currency: balboa (PAB); US dollar (USD)
Executive
Branch:
Chief
of State: President Martin TORRIJOS Espino (since 1 September
2004); First Vice President Samuel LEWIS Navarro (since 1 September
2004); Second Vice President Ruben AROSEMENA Valdes (since 1
September 2004); note - the president is both the chief of state
and head of government.
Head of Government: President Martin TORRIJOS Espino (since
1 September 2004); First Vice President Samuel LEWIS Navarro
(since 1 September 2004); Second Vice President Ruben AROSEMENA
Valdes (since 1 September 2004); note - the president is both
the chief of state and head of government.
American
Embassy: Avenida Balboa and Calle 37, Apartado Postal 0816-02561,
Zona 5, Panama City 5
Mailing Address: American Embassy Panama, Unit 0945, APO AA
34002
Telephone: [507] 207-7000 FAX: [507] 227-1964
General Overview: With US backing, Panama seceded from Colombia
in 1903 and promptly signed a treaty with the US allowing for
the construction of a canal and US sovereignty over a strip
of land on either side of the structure (the Panama Canal Zone).
The Panama Canal was built by the US Army Corps of Engineers
between 1904 and 1914. On 7 September 1977, an agreement was
signed for the complete transfer of the Canal from the US to
Panama by the end of 1999. Certain portions of the Zone and
increasing responsibility over the Canal were turned over in
the intervening years. With US help, dictator Manuel NORIEGA
was deposed in 1989. The entire Panama Canal, the area supporting
the Canal, and remaining US military bases were turned over
to Panama by or on 31 December 1999.
Economic
Overview: Panama's dollarised economy rests primarily on a well-developed
services sector that accounts for three-fourths of GDP. Services
include operating the Panama Canal, banking, the Colon Free
Zone, insurance, container ports, flagship registry, and tourism.
A slump in Colon Free Zone and agricultural exports, the global
slowdown, and the withdrawal of US military forces held back
economic growth in 2000-03. The government has been backing
public works programs, tax reforms, new regional trade agreements,
and development of tourism in order to stimulate growth. Unemployment
remains at an unacceptably high level.
International
Disputes: None but official corruption remains a major problem.
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