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Word Count: 955
Panama is An emerging nation is a group of people linked together through nationalism in the hopes to rise from obscurity with the common goal to become a more productive and cohesive country Panama is indeed known as one of the worlds emergent nations There are many plans under way to ensure a better more productive future for Panama The current president Ernesto Perezs main platform was to modernize Panama He hopes to achieve this by reforming labor codes investment laws decreasing import barriers privatizing the public sector companies passing anti-monopoly laws and improve Panama-US relations just to name a few President Perez is planning redevelopment of the Panama Canal Zone Efficient operation of the Zone is expected in the year 2000 The most important interest the United States has in Panama is definitely the Panama Canal 2The Panama Canal Treaty of 1977 and1979 returns the Canal from the US control to the Panamanians Between that time the US agreed to pay 10 million for control of the Canal until 1999 Also an annuity of 250000 was tacked on and we promised independence for Panama Each year the price we pay for the canal rises The total in 1995 was 1002 million due to certain provisions of the treaty 1The treaty also set up the Panama Canal Commission Organization PCCO The PCCO is a part of the executive branch of the United States It was enacted to manage operate and maintain the canal until the term ends on December 31 1999 The commission is expected to recover all costs of operating and maintaining the canal through tolls and other revenue This includes interest depreciation capital for plant replacement expansion improvements and payments to the Republic of Panama for Public services and annuities The revenues are deposited into a US Treasury accounted known as Panama Canal Revolving Fund 3The tolls being paid are based on ships tonnage Currently the tolls are 239 per
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