Peru calls for reforming international financing criteria

Photo: Ministry of Foreign Affairs of Peru

Photo: Ministry of Foreign Affairs of Peru

12:00 | Seville (Spain), Jul. 1.

Peruvian Foreign Affairs Minister Elmer Schialer took part in the Fourth International Conference on Financing for Development, held in Seville, Spain, where he called on the international community to reform financing allocation mechanisms.

During his address, the diplomat called for changes to the current international financing criteria so they reflect the real needs of middle-income countries and help prevent them from falling into the so-called "middle-income trap."

The ambassador underscored that without fairer and more effective access to international financial resources, countries like Peru will face greater difficulties in moving toward sustainable and inclusive development.

Bilateral meetings

Alongside his participation in the conference, Minister Schialer held several bilateral meetings with high-ranking international officials.

With World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala, he reaffirmed Peru's support for a multilateral trading system based on clear rules and concrete outcomes.

In turn, the WTO official praised Peru for the prudent and effective management of its foreign policy amid a challenging global context.

During a meeting with Association of Caribbean States (ACS) Secretary-General Noemi Espinoza Madrid, Minister Schialer expressed Peru's interest in strengthening integration, cooperation, and sustainable development ties with Central American and Caribbean nations.

In an audience with India's Finance and Corporate Affairs Minister Nirmala Sitharaman, he highlighted Peru's potential in sectors such as critical minerals and infrastructure projects, as well as the progress toward a Free Trade Agreement between both countries to facilitate market access and boost sustainable investment.

During his conversation with Andorra's Foreign Affairs Minister Inma Tor Faus, both officials expressed their shared interest in strengthening judicial, economic, and labor cooperation, as well as the protection of mountain ecosystems.

Finally, in his meeting with International Organization for Migration (IOM) Director-General Amy Pope, the joint efforts to update Peru's National Migration Policy were highlighted.

Both officials also discussed expanding IOM cooperation in support of the Special Commission for Refugees and in matters related to financial transfers from the Peruvian diaspora.

(END) NDP/ETA/JCR/MVB

Published: 7/1/2025