North & Central America and Caribbean

Panama
Last reviewed: 06 January 2012

Country information

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Map of Panama

PANAMA TODAY

Country Facts

Area: 77,381 sq km; 29,762 sq miles.
Population: 3,405,813 million (Panama National Census May 2010.)
Capital: Panama, the largest city of the Republic of Panama with a total metropolitan population of 1,272,672 (January 2011)
People: Mostly of mixed descent, with sizeable communities of indigenous Indians, Afro-Caribbeans, Italians, Spanish, Arabs, Jews and Asians.
Languages: The official language is Spanish. English is widely understood by the middle-classes.
Religion(s): Roman Catholic 90%; Protestant groups, Judaism and Islam are also represented in the country.
Currency: Panamanian Balboa (PAB) at parity with the United States dollar (USD) since the monetary agreement of 1904. The USD is the paper currency of Panama, Panama mints its own coinage but US coins are also accepted. Exchange rate, £1 = 1.566 PAB/ USD (December 2011).
Political Parties: Panama is a pluralist democracy. The ruling party (2009 to 2014) is Cambio Democratico (CD). Others include the Panameñista Party (formerly Arnulfista Party) and the Democratic Revolutionary Party (PRD), traditionally the main political forces in Panama. Other existing political parties are the Popular Party (PP), National Republican Liberal Movement (MOLIRENA).
Government: Panama has three branches to its representative presidential democracy: the executive, comprising the President, Vice-President and a Cabinet of Ministers; the legislature - a 71 member single chamber assembly; and the judiciary. The president is the head of the state and of the government. The judiciary is independent of the executive and the legislature and comprises a twelve-member Supreme Court of Justice appointed by the executive and ratified by the Assembly (each appointed for a ten year period). The President serves one term of five years and is not eligible for immediate re-election. The president and vice-president must sit out two additional terms before becoming eligible for re-election. Elections for President and the single chamber legislative assembly are held at the same time.
Head of State: President Ricardo Martinelli Berrocal
Vice President: Juan Carlos Varela Rodríguez
Membership of International Groups/Organisations: Panama is a member of the United Nations (UN) since 1945 (and has served four terms on the Security Council); the World Bank; the Inter-American Development Bank (IADB); the International Monetary Fund (IMF); the International Bank for Reconstruction and Development (IBRD); the Rio Group (founder member); the Union of Banana Export Countries (UPEB) - founder member; the Central American Parliament (PARLACEN); the Central American Integration System (SICA); the Community of Latin American and Caribbean States (CELAC); the Central American United States of America Joint Accord (CONCAUSA); International Atomic Energy Agency (IAEA); the Group of 77 at the UN (G-77); the Non-Aligned Movement (NAM); the Organisation of American States (OAS); the Organisation for the Prohibition of Nuclear Weapons in Latin America (OPANAL); the Organisation for the Prohibition of Chemical Weapons (OPCW); the World Tourism Organisation (WTO);the International Maritime Organisation (IMO) and the World Intellectual Property Organisation (WIPO).

HEALTH

A social security system, financed by employers and workers’ contributions was established in 1941. It provides old-age pension and disability benefits, maternity and medical benefits for workers and their dependents. Its funding is a growing source of political debate. There is also national health system administered by the Government managed hospitals, clinics and day care centres throughout the country. Five new hospitals have been commissioned and are in the first stages of construction.

Life expectancy: Male: 75 years, Female: 80.7 years.
Infant mortality rate: 13.4 per 1,000 (2011 est)