Despite the increase in the debt-to-GDP ratio, which has risen considerably, experts point out that this indicator remains relatively moderate compared to other countries in the region. However, they emphasize that it must be closely monitored to prevent it from reaching unsustainable levels in the future.

The Ministry of Economy and Finance reported that, in the first two months of the new government's management, the balance of Panama's public debt has increased by US$186 million until August 2024, reaching a total of US$51,998 million, however in September it has issued Treasury Notes for US$221.65 million, to increase the debt to US$407.65 million.

Economists warn that this figure could continue to increase in the coming months.

"The budget prepared by the previous government included loans. That cannot be reversed, because otherwise it cannot finance what was calculated to be financed from current sources, unless the government makes a graphic decision to reduce spending, which is what it should do, because this year's budget is inflated by US$ 3 billion," said economist Felipe Argote.

Juan Jované, an economist and former director of the Social Security Fund, said that in order to balance public finances, it is not enough to adjust spending; it is essential to address the issue of income.

"A key problem in Panama is the huge tax evasion, which significantly impacts tax collection," he said.

Despite the increase in the debt-to-GDP ratio, which has risen considerably, experts point out that this indicator remains relatively moderate compared to other countries in the region. However, they emphasize that it must be closely monitored to prevent it from reaching unsustainable levels in the future.

"We have a medium-high level of debt, which is far from countries like Argentina. We have a debt below 60%, which is not good, but it is not bad either, since, for example, Argentina is at 90%, the United States says it is more than 100%, and the most advanced countries have a higher debt burden, because they can also manage it," added Argote.

Rising debt and the challenge of controlling tax evasion put the government in a complex position, where it must balance the need for investment in the country's development with responsible fiscal management to prevent a deterioration in key macroeconomic indicators.