Minister of Economy and Finance Elmer Cuba stated today that a primary objective of the countercyclical fiscal policy—which the government will implement to address the impacts of the El Niño phenomenon, rising international oil prices, and higher interest rates—is to maintain and protect jobs for the Peruvian people, as recent indicators show a positive trend in this area.
The Minister of Economy and Finance noted that, according to the National Institute of Statistics and Informatics (INEI), employment grew by 4.8% between June and August of this year compared to the same period last year.
“At the Ministry of Economy and Finance (MEF), we are working hard to ensure the economy does not lose its momentum. Employment is the only thing that shields families from poverty and allows them to envision a better life for their children,” he stated.
Furthermore, Minister Cuba explained that the measures to be implemented include the decentralized maintenance of public infrastructure, with the goal of making it a major driver of job creation.
Consequently, investment will be focused on preventive and corrective maintenance for facilities such as schools, health centers, police stations, and the road network, with a priority on hiring local labor throughout the country.
“Public investment—whether through the ‘Works for Taxes’ mechanism or direct infrastructure projects—has a significant impact on the construction sector. This sector, in particular, tends to have the strongest multiplier effects on both direct and indirect employment,” he emphasized.
It is worth noting that the government has proposed four sets of short-term countercyclical measures: providing bonuses to vulnerable families; allocating resources for the maintenance of public infrastructure (schools, health centers, police stations, and roads); and promoting housing construction and the completion of sanitation projects, and to approve measures to inject liquidity into sectors of the economy affected by the El Niño phenomenon (FEN).
The minister Elmer Cuba stated that, if these countercyclical measures were not implemented, there would be a risk of losing the economic momentum the Peruvian economy has achieved—characterized by growing private investment, a revival in credit, and an expansion of exports.
“If we do nothing, the momentum we are currently experiencing could come to an abrupt halt, as has happened over the last 40 years whenever such shocks have converged. This is a preventive policy,” he explained.
Through these actions, the Ministry of Economy and Finance reaffirms its role as a coordinating body and its ongoing commitment to adopting timely measures.
This ensures a coordinated, efficient, and decentralized state response to risks associated with the El Niño phenomenon—as well as other potential risks—that could otherwise threaten the continuity of economic growth and the improvement of well-being for all Peruvians.
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Published: 10/23/2026