On Monday, December 18, the Cabinet Council of Panama approved the modifications to the draft general budget of the Nation with fiscal validity of 2024. A week ago the minister of economy of this countryHéctor Alexander, had announced this result.
The new budget now amounts to US$30.69 billion. The previous project presented to the Assembly was US$32,754. This project is higher than the 2023 budget, which was US$27,579 million.
This budget seeks to increase investments in education from 5.5% of this country’s GDP at 7%as established in Law 362 of February 2, 2023, which allocates investments to the education sector.
On the other hand, debt service grows US$1.1 billion compared to the modified one in 2023. In that sense, the minister emphasized the impact that special budget laws have. In addition, the increase in salaries due to special laws represents spending on the state workforce. in the order of US$4,560 million between 2022 and 2024.
Héctor Alexander reiterated that with the modified budget it will be reduced spending in most public institutions. Some of the reductions cut expenses in the National Assembly, the Decentralization Authority, the Ministry of Economy and Finance and the Ministry of the Presidency.
