Panama Republic Of S-B Registration of securities for foreign governments

Exhibit 4.8

[Letterhead of Ministry of Economy and Finance]

June 22, 2006

CONSENT

I, Carlos A. Vallarino, Minister of Economy and Finance of the Republic of Panama, hereby consent to the reference to my name, in my official capacity, as the Minister of Economy and Finance under the caption “Official Statements” in the Prospectus included in this Registration Statement of the Republic of Panama filed with the United States Securities and Exchange Commission.

/s/    CARLOS A. VALLARINO        

Carlos A. Vallarino

Minister of Economy and Finance of the Republic of Panama