Panama president-elect builds business-friendly cabinet

(Reuters) – Panama President-elect Jose Raul Mulino on Thursday pulled a business leader and an economist into his ranks, the first cabinet selections in what Molino has promised will be a business-friendly administration.

Mulino, who will be sworn in next month, tapped business leader Felipe Chapman for the economy and finance minister post and economist Javier Martinez-Acha as foreign minister.

“The campaign is over, from here on out it’s our job to lead the country with the best people possible,” Mulino said.

Chapman is the son of former Planning Minister Guillermo Chapman.

His appointment is “clearly a positive development, one that increases the likelihood of more sound fiscal management in upcoming years,” wrote analysts from BancTrust & Co. in a note to clients.

Mulino also named Julio Molto, head of the national police under former President Ricardo Martinelli, as trade minister. Martinelli is a close ally of Mulino’s, and had headed the presidential ticket before his run in this month’s elections was disqualified and Mulino took his place.

As trade minister, Molto will oversee the closure of the once-lucrative First Quantum copper mine in the nation.

(Reporting by Raul Cortes; Writing by Kylie Madry; Editing by Drazen Jorgic and Chizu Nomiyama)