MiCultura pays up 1.5 million balboas owed to Fondo Cine projects
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Panama, June 29, 2020.-The Ministry of Culture has disbursed 1.503.850 million balboas to film projects that have been awarded the Fondo Cine contest, including outstanding commitments from 2016 to June 2020.
To date, all outstanding projects have been supported by the Office of the Comptroller General of the Republic.
Cultural Minister Carlos Aguilar Navarro explained that these payments are honoring President Laurentino Cortizo Cohen's promise, amidst the COVID19 crisis, to face up to all good governance commitments and to support economic stability for our different sectors and professionals, especially for creative and cultural industries.
He adds that the disbursement corresponds to projects that have been awarded in the categories of feature fiction, documentaries, script development and after production of contest held in the years 2016, 2017, 2018, 2019 up to June 2020, and that they have been called to fulfill the stage of delivery, where appropriate, to give effect to these disbursements. Similarly, they have been paid for two of the training and development programs as of 2019.
It should be noted that all funds are strictly handled through a Trust under the existing regulations of the Cinema Act.
The other films currently processing have to complete their phases and give them the necessary documentation to give effect to outstanding payments.
"Through the film department (DICINE) of the Ministry of Culture we have met with about a million and a half that were due from the Fondo Cine contest, which is held every year to stimulate and promote the film and audiovisual industry in Panama," emphasized the Minister.
For his part, Sheila González, director of DICINE emphasized that, from the ministry, an immediate monitoring of the delivery of appropriate documentation to manage processes quickly and effectively, while complying with outstanding disbursements from these important projects.
The Fondo Cine is protected under Act 16 of 27 April 2012 that lays down a special regime for the film and audiovisual industry and corresponds by law 3 million dollars a year, and they are intended for production by means of the Fondo Cine competition and other lines of action such as training and promotion programs, support for festivals, preservation of audiovisual heritage and support for industry in promoting and distributing Panamanian cinema.
"The economic impact of Coronavirus has affected the film industry at a global level and Panama does not escape this reality with the cancellation of films, film festivals, closure of cinema rooms and a number of pausing film and audiovisual projects, so that the formalization of these payments is of great importance to the Ministry of Culture, as through these funds that the State contributes to industry we help to strengthen the economy of the country by providing a relief to the creative and cultural industries," added González.
