This is a work with a quantitative approach, which analyses the evolution of the public external debt in the time established, emphasizing the two last presidential periods, in order to determine if the external indebtedness responds to a national development plan or to the whims of the ruling authorities. In addition, the weight of the external debt on the Panamanian economy through economic indicators is analyzed, showing the extent to which the country is so committed, in terms of revenues, exports of goods and services, the expenses of the public sector and the Gross Domestic Product. The structure of the external debt is also briefly analyzed.