Panama   public debt surges past $31 billion

The balance of the debt of Panama’s non-financial public sector closed 2019 at $ a record 31,018.5 billion, reports the Directorate of Public Financing.

At the end of 2018, the country’s commitments were  $25,686.9 billion, so in a single year, public sector debt increased by $5,331.6 billion.

The bulk of the increase occurred in the second half of the year, under the Cortizo administration ..

The Government chose to issue national and international debt to cover the budgetary needs of 2019 and to settle accounts with banks, Social Security Fund and various government providers that were not included in the balance sheets.

This exercise of balancing outstanding accounts has resulted in an increase in registered debt, which by the end of 2019, will have exceeded 40% of gross domestic product. Reports La Prensa/

Panama   public debt surges past $31 million