Peru: Finance minister launches $1.6 billion economic reactivation plan
Indian economy
Peru's economy minister said on Thursday (December 29) that the country will launch an economic reactivation plan worth 5.9 billion soles ($1.55 billion). The decision has come weeks after protests following the ouster of former president Pedro Castillo.The minister said that the plan will help bring Peru's economic growth to three per cent in the first quarter of 2023. The plan will be financed with additional tax income and funds left from the 2022 budget.
The push comes as protests and roadblocks have crippled trade and commerce in Peru, causing the country to lose around 100 million soles ($26.30 million) a day, Contreras said. Peru has yet to tally the cost of infrastructure damage, he added.
The total losses come to 1 billion soles or 1% of Peru's December GDP, a ministry presentation showed.
The funds target the regions most impacted by the protests and are estimated to bring 130,000 jobs to the country over the next 12 months, said Economy and Finance Minister Alex Contreras.
The planned measures include the expansion of social measures like pensions, soup kitchens and access to natural gas in homes. The plan will also expand public works on federal, state and local levels and invest in industries like mining and agriculture, Contreras said.
(With inputs from agencies)
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