40. If there are limits on the amount a political party can spend, what is the limit?

Código Electoral de la República de Panamá
Artículo 232: 
(...) Para las campañas, los partidos políticos podrán recibir en concepto de financiamiento privado, hasta un tercio del monto que le corresponde al partido que más financiamiento público preelectoral reciba, sin poder excederse del monto de este.

Article 232: 
(...) For campaigns, political parties may receive, as private financing, up to one-third of the amount allocated to the party that receives the most pre-electoral public funding, without exceeding the amount of such funding.

Unofficial English translation.

In the case of private financing, they may not spend more than one third of the total amount of public financing corresponding to the party with the highest number of votes in the previous election.