on Thursday announced the parameters of the Economic Reactivation Plan crafted by the Executive Branch in order to address the situation that Peru is going through.
In this sense, the government official specified that these are approximately 25 measures "to help boost the economy, resume growth rates, as well as generate more employment and prosperity."
"It is a consistent, responsible, and transparent plan that will help us go through a difficult economic process; (it will) also serve to consolidate the reliability of our economic policy," Otarola emphasized.
The Cabinet chief underscored that it is a multi-sectoral plan which covers different productive areas, adding that it has been coordinated with the various guilds existing in Peru.
"This is a multi-sector plan. We prioritize coordination with the private sector; we maintain an open and frank dialogue with these guilds so that business confidence translates into higher investment figures," Otarola expressed.
"We are aware that the challenge is for the economy and formal employment to grow," he indicated.
Complicated year
In this sense, the prime minister said "we have had an extremely complicated year," in which the global economic crisis, as well as exogenous and domestic factors, have resulted in decreased GDP and contraction of economic agents.
The Cabinet head mentioned 'Cyclone Yaku', protests, dengue, El Niño Phenomenon, as well as the crises in fishing and agro-export sectors, among the issues that have domestically led to this situation.
He also specified that the crafted plan includes three axes. The first is to boost access to credit and its financing, tripling the amount allocated to the Impulso MyPeru (My Peru Boost) program from S/5 billion (about US$1.318 billion) to S/15 billion (about US$3.955 billion).
The second axis consists of a boost to sectors such as mining, petrochemicals, agro-exports, aquaculture, tourism, and energy.
"And we will continue with investment in the port hub of Callao (region) and in the Mega Port of Chancay," he affirmed.
Finally, the Government will seek to boost investments, hoping to exceed US$8 billion in public-private partnerships in 2024, Otarola indicated.
"The major challenge that awaits us in 2024 is for the economy and formal employment to grow. We will regain confidence and figures because the great engines of our economy are on, (thus meaning) agro-exports and mining (sectors)," he pointed out.