Directorate of Public Financing

Our aim is to strengthen the commitment of the Republic of Panama with transparency and accountability by serving as a link and bringing the financial community closer. To do so, the main operational and financial activities of our country are disclosed in a clear and timely manner. Through the Directorate of Public Financing, of the Ministry of Economy and Finance, its staff handles, negotiates and manages the necessary complementary financing, in the domestic and international market, for the execution of the General State Budget; always in compliance with indebtedness limits set out in the Law of Fiscal Social Responsibility.

• Ensure an efficient programming, use and control of financing means to be obtained through public credit operations such as: Issuance and placement of securities, bonds and short, medium and long term obligations, constitutive of a loan.


• Issuance and placement of state securities in the internal and external market, whose maturity exceeds the financial period


• Contracting of loans with financial institutions.


• Contracting works, services, goods or acquisitions whose total or partial payments are required to be performed over the course of more one than financial period after the current one.


• Granting of guarantees, bonds, collaterals, that constitute in contingent liabilities of the national government.


• Consolidation, conversion and negotiation of other debt.

• Assess the Minister for its subsequent presentation to the National Economic Council, the Cabinet Council and the President of the republic through faithful compliance with the laws and the rules that govern the Public Credit and the national credit policy and once it is adopted, coordinate and ensure its implementation.
• Assist the Minister of Economy and Finance in his representation to the international credit organizations and the local and international private banking..
• Create the credit aspects of the financial policy for the non-financial public sector.
• Keep record of the public debt of the Public Sector (internal and external debt).
• Manage a public debt information and management system, implemented through the Debt Management System (DMFAS).
• Analyze and evaluate financing offers received from various financial intermediaries.
• Process and assess applications for authorization to start public credit operations.
• Standardize procedures of issuance, placement and rescue loans, as well as the negotiation, contracting and amortization. The loan conditions will be determined according to the market situation that prevails in local and international markets and that most benefit the interests of the republic.
• Support and guide negotiations carried out to contract new loans, whether they are in financial markets or capital markets.
• Overseeing that the financing means obtained through public credit operations are applied for the specific purposes.
• Maintain an updated record of the public indebtedness integrated to the government accounting system.
• Make estimates and budget forecasts of the public debt service, disbursements and evaluate its implementation.
• Manage and negotiate public credit contracts, including the placement of both internal and external loans by the central government as the decentralized sector.
• Require organizations that demand public credit operations, complete information on the objectives, specific target of resources, viability of operation and a mechanism that will ensure the repayment.
• Execute liability management operations timely and effectively.
• Develop a measurement system for financial risks of the government’s public credit liabilities.
• Monitor the behavior of the secondary market of public credit instruments, both in the domestic and external market.
• Maintain a record of issuance and monitoring of guarantees granted by the Cabinet Council, as well as the validity status thereof.
• Watch that the payment capacity of the decentralized sector entities or firms of the state, beneficiaries of financing, are sufficient to cover the commitments. Financings that generate obligations exceeding the payment capacity of the public service will not be processed.
• Permanently monitor the development of approved financing programs, as well as the appropriate financial structure of accredited institutions.
• Direct the implementation of contracted credits from the signature and disbursement to its payment by related the public institution.
• Periodically review the financial execution of development projects and programs and financing of public institutions.
• Monitor that the payments of capital and interest from contracted credits are made timely.
• Prepare all legal instruments related to the public credit operations.​
• Any other function that is attributed by law or ministerial provision, or national government.