Speaking before the delegates to the Summit, the official indicated that reviewing the budget and containing expenditures also stands out among the measures.

Chapman explained on Thursday that Panama’s economy is going through a challenging situation, in an international inflationary context and facing high interest rates, but has a promising future.

He pointed out that they will do everything possible to send a clear and transparent message to national and international economic agents.

The minister explained that Panama is facing many challenges, such as the consequences of the Covid-19 pandemic, which generated unemployment and a precarious financial situation for the majority of the population.

He also mentioned the increase in public debt and lower income, which will lead the José Raúl Mulino government, which took office on July 1, to implement a containment plan.

According to statistics, the balance of public debt accumulated in the first five months of the year is 49.737 billion dollars, while the current income accumulated as of April 2024 totaled 2.297 billion, which shows that the figures are below of the projections by 113.3 million dollars (-4.7 percent), according to estimates made by previous government.

Chapman also explained that the private sector generates 80 percent of the local economy, hence the strategy of the state sector to work to create the conditions that can facilitate more economic activities, more investments and more jobs.

He admitted that Panama is in a fiscal situation in which a program to contain public expenditures for the rest of the year is needed.

“We will send very clear signals. We are going to carry out credible, reliable and achievable budgets,” the minister remarked, and valued the high diversification of the Panamanian economy, whose growth engines have been trade, tourism, logistics, air transport and telecommunications, which he is confident that they will contribute to getting out of the quagmire.

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