By Arellys Marquínez

The General Directorate of Revenues (DGI) of the Ministry of Economy and Finance (MEF) reported that in the first quarter of 2024, which is the period between January, February, and March, $1.913 billion was collected.

It is worth noting that in December 2023, the President of the Republic, Laurentino Cortizo Cohen, sanctioned the Law establishing the general budget of the State for the fiscal year 2024, for an amount of $30.690.4 billion.

According to the latest report by the DGI, the taxes that most drove revenue collection during the first months of this year were the Tax on the Transfer of Movable Property and Services (ITBMS), payroll taxes, and the payment of the Complementary Tax.

The figures released by the MEF reflect fiscal deficits in various sectors, which is one of the reasons why the International Monetary Fund proposed reducing the fiscal deficit by increasing several taxes. The suggestion is to increase taxes on ITBMS or 7%, on cigarettes, fuel, among others.

The fact is that Panama’s debt has increased dramatically in recent years, with economic analysts estimating that by the end of the current government, public debt could exceed $50 billion.

The latest blow to the Panamanian economy was the loss of investment grade by Fitch Ratings.

TVN Noticias learned that as of the end of January, public debt was nearly $47 billion, 55% of the estimated size of the economy at the end of 2023 — $83 billion.

A significant portion of the debt — nearly $10 billion — is owed to international banks, with the most notable being the Inter-American Development Bank, to whom we owe more than $4 billion.
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