Panama swears in Laurentino Cortizo as president
International News
Audio By Carbonatix
2:53 PM on Monday, July 1, 2019
AP
PANAMA CITY (AP) — Panama has sworn in cattleman Laurentino Cortizo as its new president for a five-year term.
The 66-year-old won an election two weeks ago that was the tightest in Panama's recent history, triumphing with only 31 percent of the vote as candidate of the Democratic Revolutionary Party.
Cortizo on Monday officially replaced outgoing President Juan Carlos Varela.
Cortizo inherits a slowing economy and growing frustration among Panamanians about official corruption.
The economy grew at a rate of 3.7% in 2018 and unemployment reached 6%.
U.S. Commerce Secretary Wilbur Ross was among the attendees, who also included the presidents of Colombia, Peru, Bolivia and the Dominican Republic.
