Canal expansion is proving a potent magnet for Panama's economy. So far, the historic project's timetable and budget remain on track. "The expansion is moving at a good speed," Panama Canal Authority (ACP) administrator Alberto Aleman assured Fairplay. The project is not only running ahead of schedule but about 20% under budget, ACP officials also boasted. This is particularly good news for shipping, which wants construction to begin as soon as possible on the third set of locks. And although inflation is rising at a pace not seen in recent Panamanian history, ACP officials insisted that this will not jeopardise the expansion budget.
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