Andina

Citibank: Pro-investment measures to reinvigorate Peruvian economy

Photo: Citi

18:25 | Lima, Apr. 17.

Measures adopted by the Peruvian Government to boost investments in the Inca country's regions are on the right track to reinvigorate the economy, Citibank Chief Economist for the North Andean Region Munir Jalil affirmed Tuesday.

"It's a move in the right direction. A large part of the projected investment is expected to be made in the regions this year," Jalil told Andina news agency.

Moreover, he remarked that it is precisely in the country's regions where there have always been considerable difficulties in terms of implementation.

"Thus, any help that can be provided to speed up the (implementation of) projects is more than welcome (…)," he added.

As is known, President Martin Vizcarra —early on Tuesday— pointed out the Economy and Finance Ministry would provide an incentive of up to S/25 million (about US$7.75 million) to regional governments that continue ongoing projects.

The Head of State also noted that —besides the S/1.3 billion (about US$403 million) for the projects' financing— the Peruvian Government has allocated some S/2 billion (about US$620 million) for the execution of works.

Confidence

On the other hand, the Citibank executive mentioned there is a wait-and-see stance on the part of foreign investors regarding what the current administration can do.

"However, the first declarations and measures have been well received, which is a good signal for private investment," he concluded.

(END) MDV/JJN/JAA/MVB

Published: 4/17/2018
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