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Panama to vote on expanded canal Panama to vote on expanded canal
(about 2 hours later)
The people of Panama are due to vote in a referendum on an ambitious plan to expand the country's famous canal and increase traffic.The people of Panama are due to vote in a referendum on an ambitious plan to expand the country's famous canal and increase traffic.
Many modern container ships are too large for the 50-mile (80km) canal linking the Pacific and Atlantic.Many modern container ships are too large for the 50-mile (80km) canal linking the Pacific and Atlantic.
The Panamanian government and the company that runs the canal want to build a new channel and new locks at either end to accommodate them.The Panamanian government and the company that runs the canal want to build a new channel and new locks at either end to accommodate them.
The plan would double the canal's capacity, but at a cost of $3-5bn.The plan would double the canal's capacity, but at a cost of $3-5bn.
Supporters say the expansion will bring widespread benefits to the country, but opponents argue it will add to Panama's debt.Supporters say the expansion will bring widespread benefits to the country, but opponents argue it will add to Panama's debt.
Corruption concernsCorruption concerns
Increased revenue from tolls is expected to cover some of the costs, but the plan still needs $2.3bn in loans.Increased revenue from tolls is expected to cover some of the costs, but the plan still needs $2.3bn in loans.
PANAMA CANAL FACTS Handles an estimated 5% of world tradeThe main goods shipped are oil products, grain and container cargoLast year the canal handled 14,000 transits, shipping 200m tons of cargoTraffic between Asia and the east coast of the US accounts for more than 40% of shipping Q&A: What is proposed?PANAMA CANAL FACTS Handles an estimated 5% of world tradeThe main goods shipped are oil products, grain and container cargoLast year the canal handled 14,000 transits, shipping 200m tons of cargoTraffic between Asia and the east coast of the US accounts for more than 40% of shipping Q&A: What is proposed?
Opinion polls suggest most Panamanians will back the proposal.Opinion polls suggest most Panamanians will back the proposal.
Thousands of construction jobs would be generated, along with many more indirect jobs.Thousands of construction jobs would be generated, along with many more indirect jobs.
But opponents are worried about cost overruns on the massive project, and that opportunities for corruption may prove too hard to resist.But opponents are worried about cost overruns on the massive project, and that opportunities for corruption may prove too hard to resist.
They say the money would be better spent on helping Panama's poor - 60% of the population according to some estimates.They say the money would be better spent on helping Panama's poor - 60% of the population according to some estimates.
Costly delaysCostly delays
Forty ships a day - 14,000 a year - pass through the canal, about 5% of all world shipping.Forty ships a day - 14,000 a year - pass through the canal, about 5% of all world shipping.
The canal was completed in 1914 and, despite a series of upgrades over the past 92 years, has failed to keep pace with the growing scale of cargo ships.The canal was completed in 1914 and, despite a series of upgrades over the past 92 years, has failed to keep pace with the growing scale of cargo ships.
"No" supporters face a well-funded pro-expansion campaignTraffic has become so heavy that vessels still using the canal can face costly delays as they wait in a queue to pass through."No" supporters face a well-funded pro-expansion campaignTraffic has become so heavy that vessels still using the canal can face costly delays as they wait in a queue to pass through.
The BBC's Duncan Kennedy in Panama City says the canal can only handle vessels with a maximum of 5,000 shipping containers. But ships are now plying the seas that carry twice that number.The BBC's Duncan Kennedy in Panama City says the canal can only handle vessels with a maximum of 5,000 shipping containers. But ships are now plying the seas that carry twice that number.
The Panama Canal Authority, which runs the waterway, warns that if the canal is not expanded, business will be lost to other shipping routes, including the Suez Canal.The Panama Canal Authority, which runs the waterway, warns that if the canal is not expanded, business will be lost to other shipping routes, including the Suez Canal.
Nicaragua, to the north, is now planning its own canal between the Pacific and Atlantic oceans.Nicaragua, to the north, is now planning its own canal between the Pacific and Atlantic oceans.