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DOCUMENT BES7MtE
04303 - [B3394614]
The ranama Canal Treaty. November 30, 1977. 16 pp.
Testimony before the House Committee on Merchant Marine and
Fisheries: Panara Canal Subcoamittee; by Elmer B. Staats,
Comptroller General.
Cantact: Office of the comptroller General.
Budget Function: International Affairs (150).
Organizaticn Concerned: Canal Zone Government; Panama Canal Co.
cangressional Relevance: House Committee on Merchant Marine and
Fisheries: Panama Canal Subcommittee.
Authority: Government Corporation Control Act (31 U.S.C. 841 et
s(q.). Budget and Accounting Act of 1921.
Unresolved issuos relatinS to the implementation of the
Panam.i Canal Treaty include: the form of U.S. Governsent
organization that the proposed Panama Canal Commission would
take; provision for externai audits; transfer cf property to
Panama-, recovery of U.S. investment in the Canal, depreciation
policy, and future capita. outlays; treatment cf interest
currently paid to the Treasury on the interest beating
investment of the United States; treaty pafments to the Republic
of Panama; resolution if Panama's debt for past services;
increased benefit payments to employees for repatriations, early
retirements, and relocations; and the impact of the treaty on
toll rates A fundamental economic aspect of the troaty that
needs to be addressed by the Congress is the question of whether
the investment of the United States should be recovered over the
life of the treaty. This decision will have a profound effect on
the financial operations of the new organizaticn, the toll
rates, and the taxpayer. It is doubtfal that toll rates could be
successfully raised to recover both the new payments to Panama
ar!d increased depreciation charges designed to recover the past
Z.S investment in the Canal. Panama's debt for past services,
whioh is not mentioned in the treaty, should be resolved either
through a lump sum payment to the United States or as a credit
against U.S. treaty payments to Panama. (SC)](ViewImageLocal?handle=hein.gao/gaobadxww0001&div=1&collection=&method=preview&ext=.png&size=3)