Moody’s highlighted these efforts, along with the structural reform of the pension system approved in March, which guarantees its long-term sustainability, and the agreements reached to resolve legal contingencies that reduced fiscal credibility. The agency also noted that Panama maintains a strong, diversified economy with growth projections of between 3.5% and 4% annually for the coming years. This decision recognizes the progress made in fiscal matters, the responsible management of the pension system, and the reduction of legal risks associated with the closure of the Cobre Panama mining project. The Government of the Republic of Panama values this decision as a sign of confidence in the country's economic direction. Additionally, prudent public debt management has allowed the debt level to be maintained at around 65% of GDP in 2025, in a global environment of higher interest rates. 'This Rating Action confirms that Panama retains its investment-grade status. It reflects confidence in our institutions, the strength of our economy, and the Government's commitment to responsible and transparent fiscal management,' stated Minister of Economy and Finance, Felipe Chapman. The National Government will continue to promote policies that strengthen revenue collection, improve the quality of spending, and consolidate public finances, reaffirming its commitment to economic stability and the well-being of all Panamanians.
