Falkland Islands (Islas Malvinas) is about 6 times smaller than Panama.

Panama is approximately 75,420 sq km, while Falkland Islands (Islas Malvinas) is approximately 12,173 sq km, making Falkland Islands (Islas Malvinas) 16.14% the size of Panama. Meanwhile, the population of Panama is ~4.3 million people (4.3 million fewer people live in Falkland Islands (Islas Malvinas)).
Tip: This to-scale comparison of Panama vs. Falkland Islands (Islas Malvinas) uses the Mercator projection, which distorts the size of regions near the poles.