Peru is on the right track in the fight against poverty due to the stronger promotion of social programs implemented by the Ollanta Humala administration, the World Bank (WB) has said.
"Social programs are very important to break poverty cycles and help the neediest,” said Jorge Familiar, WB's vice president for Latin America and the Caribbean.
He added, "Through this means, Peruvian children will grow up safe and healthy and lower rates of malnutrition will be recorded".
Likewise, WB's official noted the state-run economy and social programs were created to increase the standard of living for low-income families across the country as well as to enhance the quality of education.
He stressed sustainable social programs support economic growth. "These programs promote financial inclusion and gender equality, which are crucial to achieving inclusive growth”.
According to a report from the National Statistics Institute (INEI), two and a half million of Peruvians have been lifted out of poverty over the past five years across all the national territory.
Peru’s poverty rate fell to about 23.9 percent of the current population in 2013 from about 50 percent in 2003.
Peruvian President Ollanta Humala has pledged to cut the poverty rate to 15 percent before he leaves office in 2015, through social cash transfer schemes and an increase in minimum wages and pensions.