In Panama, the Varela administration has submitted a bill that aims to raise the limit of public debt by $900 million more than the limit currently established.

The Minister of Economy and Finance, Eyda Varela de Chinchilla, presented a bill to the National Assembly to amend Law 34 on Fiscal Social Responsibility and Law 38 of 2012. 

The Assembly details in a statement that the project proposes that the maximum deficit limit of the fiscal balance of the non-financial public sector be 2.0 of GDP for fiscal year 2018; 1.75% for 2019 and 2020, and 1.5% from fiscal year 2021. 

From a statement issued by the Legislature:

A bill that modifies articles of Law 34 of 2008 on Fiscal Social Responsibility and Law 38 of 2012, by means of which the Savings Fund of Panama (FAP) is created, presented to the plenary session of the National Assembly the Executive Body, through the Ministry of Economy and Finance. 

The bill modifies the numerals 5, 23, 24, 25 and 29 and repeals the numerals 4, 6 and 8 of article 7 of Law 34 of Fiscal Social Responsibility; but, in addition, to that same Law, article 10 is modified; a new article is added on 10-A; and also article 11, 13 and 14 is modified. 

Read full statement (In Spanish).