Political pressure is mounting over a plan by a Hong Kong conglomerate to sell its Panama ports to BlackRock, the American investor, raising questions about the future of the $19 billion deal, the New York Times reported.
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Panama
The Chinese government has strongly criticized a planned deal by a Hong Kong conglomerate to sell ports in Panama and elsewhere to an investment group led by an American asset manager, warning that the deal would deprive China of needed influence over key shipping routes, the New York Times reported. The criticism marks an abrupt shift in Chinese policy toward Panama and the control of seaports around the world. When President Donald Trump raised concerns soon after taking office that China had too much power in the Panama Canal, his comments were initially ridiculed by Beijing.
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Panama’s president accused Donald Trump of lying to congress after the US leader reiterated his intention to take over the Panama canal, Bloomberg News reported. Trump told lawmakers in Washington on Tuesday that Panama had broken the agreements it made when it took over the waterway a quarter century ago. “Once again, President Trump lies,” President Jose Raul Mulino said in a post on X.
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An investment group led by BlackRock, a giant American asset manager, has agreed to buy two ports in Panama that are owned by a Hong Kong company and that have become the subject of tensions between Panama and the Trump administration, the New York Times reported.
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Panamanian President José Raúl Mulino on Thursday denied the State Department’s claim that his country had agreed to allow U.S. government vessels to transit the Panama Canal for free, the Wall Street Journal reported. “I am incredibly surprised by yesterday’s statement,” Mulino told a news conference in Panama City. “They’re making an important, institutional statement from the entity that governs U.S. foreign policy…based on a falsity.
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Panama’s credit score was cut by S&P Global Ratings, putting the Central American nation a step closer to losing its investment-grade status, Bloomberg News reported. S&P lowered Panama by a notch to BBB-, on par with Mexico and Romania, citing rising government debt levels made worst by sluggish revenue. The outlook is stable. “The downgrade reflects the sovereign’s weaker flexibility that increases the vulnerability to economic and fiscal challenges ahead,” analysts including Karla Gonzalez and Manuel Orozco wrote in a Tuesday statement.
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