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Peru: Banks reschedule debt payments totaling US$3.4 billion due to coronavirus

18:22 | Lima, Mar. 23.

Financial institutions have rescheduled debt payments amounting to S/12 billion (around US$3.404 billion) due to coronavirus, Peru's Economy and Finance Minister Maria Antonieta Alva reported on Monday.

According to the minister, all the measures taken by the Government and the Ministry of Economy and Finance seek to support families in this process of health emergency and the 15-day quarantine that involves mandatory social isolation.

For this reason, the government official called on the population to be responsible in light of this emergency so that the measures that have been adopted are sustainable.

In the case of the financial system, the cabinet member expects the long-awaited economic revival will come as soon as possible, once the virus is contained.

Nevertheless, Minister Alva rules out such possibility if the financial system collapses. Therefore, all the measures must be taken responsibly and with caution.

"We know that families and companies want debt relief. Two options have been considered. First, the Superintendence of Banking, Insurance, and Private Pension Fund Administration (SBS) has introduced a series of provisions to quickly reschedule the debts. To date, institutions have rescheduled installments totaling S/12 billion (around US$3.404 billion)," she expressed.

Alva affirmed that the conversation she held with the Peruvian Association of Banks (Asbanc) has to do with doing a personalized review, case by case, where a payment schedule and conditions will be defined with each debtor.

"Not all debtors are in the same conditions and not all financial institutions have the same conditions, the stability of the financial system is what we want to safeguard," the minister stated in a press conference at the Government Palace.

Aid for companies

On the other hand, regarding debt relief options for companies, she said the Ministry of Economy and Finance (MEF) has taken measures to speed up the operability of Fondo Crecer (Grow Fund), which has S/800 million (around US$226.95 million).

(END) JJN/MDV/RMB/MVB

Published: 3/23/2020
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