Friday 27 May 2022

Panama’s New President Said He Found A Country In Economic Disaster and Mired in Graft

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27 May 2022 - At The Banks - BCCR

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When Panama President Laurentino Nito Cortizo took over the reins of the country he found a disaster in public finances, a disorganized administration, with an unprecedented corruption record.

Panama President Laurentino Nito Cortizo

In his first report to the National Assembly on Thursday, January Cortizo,  Newsroom Panama reported, the president said, “In the last 10 years, Panama’s debt, that of all Panamanians tripled, from $11 billion to more than $30 billion. This amounts to a debt of $22,300 per household.”

Cortizo faces tough challenges in Panama in 2020 that include: the debt of the non-financial public sector which reached the historically high figure of $30.4 billion in November of last year, a slowdown in economic growth, high unemployment and a decrease in foreign direct investment.

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