The Cabinet Council of Panama today approved Resolution No. 151-24, which establishes an ambitious Government Strategic Plan presented by the Ministry of Economy and Finance (MEF). This plan includes the economic and social strategy of the Non-Financial Public Sector and contemplates a five-year financial programming with a budget of B/.30,277 million for public investments in key sectors such as agriculture, logistics, education, health and tourism.
Among the major notable works are the construction of the Panama-David-Frontera train, a cable car in San Miguelito, and the modernization of the Institute of National Aqueducts and Sewers (Idaan). In addition, the rehabilitation of road infrastructure and the creation of a pet hospital are contemplated, with the aim of improving the quality of life of Panamanians and promoting sustainable economic growth.
The MEF has established that the goal is to turn Panama into the fastest growing economy in Latin America, prioritizing transparency and fiscal responsibility. It is expected to reduce the fiscal deficit to 2% of GDP by 2029 and achieve a positive primary balance from 2028, which would allow public debt to be stabilized at manageable levels.
The MEF diagnosis indicates that education and public services are the most critical areas that limit the country’s development. Therefore, the plan includes investments in educational infrastructure and technical assistance to the agricultural sector, as well as the implementation of social programs such as “My First Job.”
In the tourism sector, it is planned to diversify the offer and develop new activities, while in education a financial support system for students and the construction of new institutions is proposed. Likewise, it seeks to modernize the drinking water system and improve solid waste management.
The plan also contemplates the development of logistics corridors to enhance trade and facilitate internal transportation, in addition to ensuring the sustainability of the Panama Canal through investments in infrastructure.
These initiatives, which will run between 2024 and 2030, are designed to create equitable opportunities and promote inclusive growth, ensuring that socioeconomic benefits outweigh social costs. With a focus on sustainability and environmental management, the MEF hopes that this plan will promote the comprehensive development of the country and improve the quality of life of Panamanians in the coming years.
