on Friday affirmed that the recent comments by credit rating agencies Fitch and Standard & Poor's (S&P) on Peru's economy will prompt his sector to make the necessary adjustments.
"We take the opinions of (credit) rating companies with a great sense of responsibility; they encourage us to continue making necessary adjustments and to redouble the efforts of constructive dialogue with the aim of improving governance in our country for the sake of Peruvians' progress," Arista expressed on X (formerly Twitter).
The Cabinet member reminded citizens that economic reactivation is a government policy prioritized by this administration, in addition to ensuring that Peru's economy is "in a clear recovery process."
Similarly, Arista mentioned that Fitch reaffirmed Peru's credit rating at BBB. Its report also underscored macroeconomic stability and a disciplined policy framework despite political instability.
"Fitch forecasts growth of 2%-2.5% in the medium term, highlighting the benefits of reactivating stalled investment projects, an issue on which we have been working, as well as on boosting private investment and the development of large infrastructure projects," he mentioned.
"For its part, Standard & Poor's has adjusted the Credit Rating downward from BBB to BBB-; nonetheless, the Investment Grade is maintained and the outlook for the country's future long-term ratings is stable," he added.
According to Arista, S&P expects a moderate economic recovery in Peru for 2024 and 2025. Likewise, it forecast 2.7% GDP growth for Peru this year.
In this regard, he highlighted that both credit rating agencies underscored Peru's fiscal strength because its public debt is well below the median of its credit peers.
Downward update
The MEF head also explained that S&P's downward update responds largely to a "complex political panorama" —something warned by Fitch in its analysis as well.
"Political fragmentation, instability, and the lack of institutional framework have been affecting governability, becoming factors that reduce investor confidence and limit, on the part of the Executive (Branch), the generation of consensus (required) to implement policies with greater impact," Arista explained.
"This situation opposes our purpose of reactivating the economy; therefore, we have the duty to stand united in order to give greater impetus to the growth and development that will bring us jobs and well-being," he pointed out.