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Panama to Lift Spending Cap to Fund Recovery Efforts After Storm

Nov. 26 (Bloomberg) -- Panamanian President Ricardo Martinelli said he’ll seek to temporarily suspend a budget spending cap after heavy rains damaged parts of the Central American nation and prompted the government to declare a state of emergency.

Lawmakers will meet Nov. 28 to debate the measure after more than 1,000 homes and five bridges were damaged along the country’s Caribbean coast, according to an e-mailed statement from the president’s office today.

The government must run a budget deficit no greater than 2.8 percent of gross domestic product, though spending can be increased during national emergencies.

To contact the reporter on this story: Eric Sabo in Panama City at esabo1@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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