Public debt climbed 70%during Varela reign

610Views 0Comments Posted 20/04/2019

WHOEVER   takes over the reins of power in Panama after the May 5 election will be faced with a public debt that has increased by 70 %  under the presidency of Juan Carlos Varela, according to a report published by TVN News.

 to March 2019, public debt in the Non-Financial Public Sector totaled $23.673 billion according to figures from the Ministry of Economy and Finance (MEF).

On June 30, 2014, one day before Varela took office, the public debt was $13. 931 billion meaning that during his administration the debt climbed  $9.742 billion an increase of 70%.

The Gross Domestic Product of the country reported annual growth of 3.7% in 2018, according to  the Comptroller General The MEF had forecast a 5.2% growth f

The IMF  forecasts a 6% growth in the Panamanian economy for  2019, while The Latin American Finance Committee (Cepal) estimates a growth of 5.6%.

The country will experience a crucial impact on its economic model with the mining giant Cobre Panama. According to the Mining Chamber of Panama, the project will generate about $2 billion a year in copper exports.

 Food Basket
According to figures from the MEF, the cost of the basic family basket in Panama and San Miguelito was $306.08  in January 2018. The institution calculates that without the control of prices, the figure would have been of $354.79.

Economists and businessmen have spoken out against price control, claiming that pointing out that it generates distortions in the market.

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