At the close of December 2025, Panama's public debt balance stood at 59,349.3 million dollars, according to information from the Ministry of Economy and Finance (MEF). This amount represents an increase compared to the close of December 2024, when public debt totaled 53,736.7 million dollars. The 2025 result corresponds to the first full year of President José Raúl Mulino's administration. Regarding the country risk, Panama's EMBIG indicator was at 155 basis points in December 2025, according to Bloomberg data. At the same time, it remains above economies such as Peru (135), Chile (89), and Uruguay (68), reflecting an intermediate risk level within the region. Regarding the composition of the debt by creditor, the largest part corresponds to tradable values in international markets. Bonds represent the main component, with 36,146 million dollars, despite the government not having issued bonds in the last year, followed by Treasury notes of 3,886 million dollars and Treasury bills of 2,414 million dollars. Among multilateral and bilateral organizations, the Inter-American Development Bank (IDB) stands out with 4,449 million dollars, CAF with 2,449 million dollars, the International Bank for Reconstruction and Development (IBRD) with 1,886 million dollars, and CABEI with 753 million dollars. In the banking and financial segment, a new strategy for the government of Panama features creditors such as Citi (1,587 million dollars), Bank of New York (1,407 million dollars), Banco Santander (1,407 million dollars), BBVA NY (1,135 million dollars), BNP Paribás Panamá (500 million dollars), and SMBC (478 million dollars). This level places Panama below the average for Latin America (330 points) and the global average (231 points), and with a lower risk than countries such as Colombia (275), Mexico (222), and Brazil (196). The difference between both periods is 5,612.6 million dollars. There are also minor commitments with entities such as JICA, OPEC-OFID, BEI, ING Bank, ICO, China 2400, BDA, and Banco del Istmo.
