The Ministry of Economy and Finance (MEF) delivers to the Panama Savings Fund (FAP) the promissory notes corresponding to the outstanding contributions for the years 2021, 2022, 2023 and 2024 (for the years of accumulation 2020, 2021, 2022 and 2023).

In accordance with what was authorized by Cabinet Decree No.29 of June 4, 2024, this Thursday, June 13, the Minister of Economy and Finance Héctor Alexander, delivered to the president of the Board of Directors of the FAP José Nessin Abbo of the promissory notes agreed with that institution, to comply with the scheme of contributions corresponding to the accumulation period 2020 to 2023.

These instruments, corresponding to each year of accumulation of contributions to the FAP: 2020, 2021, 2022 and 2023, total an amount of USD1,272,367,000.00, they will be paid to the FAP in semi-annual installments for a period of 10 years and will generate a return of 7.45% to the National Savings Fund.

With this payment plan agreed in conjunction with the Board of Directors of the FAP, not only is the Republic’s commitment to its sovereign wealth honored, but it is practically possible to double the current patrimony.

The registration of these documents in the assets of the FAP increases the country’s savings, with which Panama’s net indebtedness is not affected by registering these promissory notes in public debt.

The payments corresponding to the 2018 and 2019 accumulation periods of USD31.9 million will be paid in cash from the 2024 fiscal validity, while the 2024 contribution accumulation period will be contemplated in the 2025 budget, in accordance with the provisions of the law, which regularizes the flow of annual contributions.