to coordinate monetary and fiscal policy with the aim of consolidating the recovery of economic activities —within a framework of progressive convergence of inflation to the target range.
During the meeting, held at the Economy and Finance Ministry (MEF) headquarters, the rapid recovery of Peru's economy in 2021 and the soundness of the financial system were highlighted —aspects that enabled Peru to regain its macroeconomic fundamentals and stand out among countries in the region.
Along the same lines, Peru consolidated as one of the economies with the highest levels of international reserves around the world.
Minister Graham highlighted the prudent management of public finances that the country implemented, as well as the need to continue boosting public investment, resume the competitiveness agenda, and continue promoting private investment as the main engine for sustainable growth.
Likewise, he pointed out that for 2022 work is being done on the new fiscal rules for 2023-2026 —a proposal to be sent to the Congress of the Republic this March.
Similarly, the heads of MEF and BCR discussed various issues related to the local and international macroeconomic context, as well as the external and internal risks that Peru's economy could face in 2022.
Furthermore, they assessed the favorable international context, which is generating conditions that will allow the country to increase its income, continue with the consolidation of fiscal accounts, and generate favorable conditions for a new expansive cycle of mining investment.
Moreover, the officials discussed the geopolitical and financial risks that could generate uncertainty in international markets. In this context, they noted that it is essential to maintain internal and external macroeconomic balances.
It must be noted that the BCR has participated in meetings at the OECD and will also play an active role in the accession process —specifically on issues such as standards linked to the management of economic statistics, as well as the movement of capital and foreign exchange risk management.