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Peru Fin Min: Political reform is needed to expand 5%

12:12 | Lima, Jun. 18.

Economy and Finance Minister Carlos Oliva affirmed a 5% economic growth will not be possible, unless the needed political reforms —aimed at improving the quality and soundness of Peruvian public institutions— are carried out.

"We can close the infrastructure gap, we can implement a job market, but if we do not carry out reforms in our institutions, we (Peru's economy) will not be able to expand 5%. It is a necessary condition," the high-ranking official told Canal N news channel.

In this sense, Oliva cited Chile's case as an example. The neighboring country's economic growth was supported by the soundness of its democratic institutions.

"The great weakness of the nation is the quality of the institutions," he said.

Likewise, the Minister stressed the importance of the political-judicial reform promoted by President Martin Vizcarra's administration. Its goal is to strengthen institutions, improve the justice administration quality, and fight corruption head-on.

Furthermore, the official ratified the government is willing to give up some growth points as the result of the combat against corruption.

He went on to add that —when actions are taken to fight this scourge— there is always some kind of reaction, such as the withdrawal of businesses linked to corruption offenses.

According to Oliva, the entire ministerial cabinet is aware of the importance of implementing these reforms and combating corruption.

Finally, he projected GDP would expand nearly 3.7%. However, a lot of information must be assessed in order to obtain a definitive figure.

(END) CCR/DTK/MVB

Published: 6/18/2019

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Peru Fin Min: Political reform is needed to expand 5%

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