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Fin Min: Peru's challenge is to achieve comprehensive economic development

15:22 | Lima, Jun. 25.

Economy and Finance Minister Maria Antonieta Alva on Thursday affirmed that the challenge of Peru is to achieve comprehensive economic development because crises like the current one —caused by the coronavirus pandemic— make the country very vulnerable.

"I think that the idea of achieving economic development on a comprehensive basis is a big challenge for our country, because the failure to resolve previous problems has made us very vulnerable in this crisis," she expressed.

The minister stated that most structural problems that had not been resolved in the past years made Peru vulnerable to the crisis.

"For example, four in every ten Peruvians have a bank account. We had this big problem of financial inclusion, which has caused many problems," the Cabinet member said.

"We have introduced a large-scale money transfer program to disburse around US$220 to each of nearly 7 million households. We generated a great response, but we had problems with its implementation," she added.

In the roundtable "Debt in emerging markets: a path beyond COVID-19," organized by Bloomberg, Alva commented that Peru has a very challenging agenda to solve informality.

"In the short term, we have implemented a program of almost 1% of GDP to create temporary jobs and solve basic infrastructure issues. By doing so, we are trying to increase household income through these fiscal programs," she added.

The high-ranking official highlighted that Peru has a solid economy because the country has done a good job in terms of macroeconomic achievements, as well as in the microeconomic aspect.

(END) CAN/RMB/MVB

Published: 6/25/2020
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