Panama debt  passes $30 billion mark

The balance of the debt of Panama’s non-financial public sector reached $30,3704 billion at the end of November, reports the Ministry of Economy and Finance.

In a single year, the debt increased by $4.194,7 billion, a figure big enough to enable the building of two  Metro lines.

Debt grew in the last decade due to a considerable increase in public spending, which generated fiscal deficits.

 In the second half of the year alone, the government of Laurentino Cortizo has issued in the international markets $3.3 billion to cover different expenses and obtain in advance resources to pay a bond that expires in January.

Another $888 million that the Government is placing in Notes and Bonds to pay back debts with banks, the Social Security Fund and the National Bank of Panama will be  added to the debt