on Thursday presented the 2026–2029 Multiannual Macroeconomic Framework (MMF).
Within this framework, the government agency stated that public debt is expected to reach 32.1% of GDP in 2025, one of the lowest in Latin America.
The MMF underscores that Peru is undergoing a fiscal consolidation process, which is crucial for preserving public finances' sustainability and the country's macroeconomic stability.
This gradual process is defined by the trajectory of returning the fiscal deficit and public debt to their medium-term levels, as approved under Legislative Decree No. 1621 of July 2024.
The MMF projects that the fiscal deficit will converge to 2.2% of GDP in 2025, thanks to real growth in tax revenues (8.7% in real terms) and prudent public spending management.
"This will allow public debt to stand at 32.1% of GDP, remaining among the lowest in Latin America," according to the MEF.
For 2026, the fiscal deficit is expected to decrease to 1.8% of GDP, while public debt is projected to remain at 32.1% of GDP.
In said year tax revenue growth is expected to moderate (to 2.4% in real terms) and reach 19.2% of GDP, in line with the dynamics of Peru's economy and export commodity prices, according to the MMF.
In the following years, the deficit will converge to the medium-term fiscal rule (1% of GDP).
Meanwhile, debt will follow a downward trajectory, reaching 30.8% of GDP in 2029 and attaining a level below 30% of GDP by 2032, in line with the medium-term fiscal rule.