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Peru Fin Min: We will spare no effort to secure payment chain and economic revival

00:00 | Lima, Mar. 28.

Economy and Finance Minister Maria Antonieta Alva affirmed that the Peruvian Government will spare no effort or resource that is necessary to revive the economy and avoid disruption of the payment chain during the state of emergency.

"From the beginning, we've said we will spare no effort to protect the health of Peruvians, contain the coronavirus, or ensure the economic revival," she stated.

The high-ranking official indicated that she has met with Central Reserve Bank (BCR) Governor Julio Velarde, with whom she is discussing the implementation of a package that will mean in a large injection of liquidity to ensure sustainability of the payment chain and the financial system soundness.

"In the next few days, we will finalize legal details, but the message is that we will spare no effort or resource that is necessary for the short-term economic boost and to avoid disruption of the payment chain," she pointed out.

Injection of 2% of GDP

The cabinet member remarked that the economic resources —allocated by the Government to cope with this situation— are equivalent to around two percentage points of GDP.

"The amounts —approved under measures issued as at March 26— comprise two types of instruments: the first one is 'additional resources' and the second one is 'tax relief,' that is, the postponement of tax payments," she stated.

"So far, with these instruments, we have authorized S/8.14 billion (around US$2.36 billion), which is added to a third instrument, that is people's savings," Alva concluded.

Click here to read the Peruvian Government's latest economic measures to face the coronavirus emergency.

Remarks were within the framework of a mandatory social isolation imposed to prevent the COVID-19 from further spreading in the South American country.

Initially set to last from March 16 to 30, the measure has been extended thru April 12.

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Published: 3/28/2020

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Peru Fin Min: We will spare no effort to secure payment chain and economic revival

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