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Moody's: Reforms are important to change Peru's institutional framework

12:07 | Lima, Jun. 5.

The reforms submitted by the Peruvian Executive Branch are important in order to start changing the institutional framework that has lost ground due to corruption, Moody's Investors Service Vice-President Jaime Reusche affirmed on Wednesday.

"This is only the beginning of a fight that must be continuous. The first step means adopting them, implementing them is another challenge, and continuing to strengthen them with complementary measures will be necessary," he told Andina news agency.

According to Reusche, the major problem of having a system, which resists political reforms and enhancing transparency, is that a lot of time is wasted on these fights and on finding consensus, while the focus of attention on urgent economic measures is lost.

"(…) We cannot afford to fall into the complacency of not adopting the measures aimed at achieving growth," the Moody's representative added.

Starting point

In this sense, he pointed out the approval of the reforms could create an exit for this political impasse, which has generated conflicts and paralyzed non-mining private investment.

However, Reusche explained that —even if the reforms are approved— there is no guarantee that the political environment will become less complicated and support private investment recovery, but "it would be a good starting point."

"A quick resolution is required in order to have an opportunity to reactivate the economy (…)," the officer concluded.

(END) RGP/DTK/MVB

Published: 6/5/2019

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Moody's: Reforms are important to change Peru's institutional framework

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