Finance Minister Contreras resigns

PERU - In Brief 04 Jan 2024 by Alfredo Thorne
This morning Finance Minister Contreras submitted his letter of resignation to President Dina Boluarte. In his letter he mentioned "lack of transparency," presumably from the presidency. Apparently, President Boluarte had been looking for a replacement since late December and had met with former finance ministers Luis Carranza and Jose Arista. Our sources indicate that Jose Arista would take over. He had been minister with former president Luis Merino, and before was an under secretary of finance with Alan Garcia. Unfortunately, Minister Contreras had taken several wrong decisions. The last one was a sharp fiscal adjustment in November and December of about 0.5% percentage points of GDP to meet the 2.4% fiscal rule which paralyzed public works at a time the economy had been in recession. Most of his colleagues in the Cabinet had been critical of this decision. Will keep you posted on new developments. Alfredo Thorne

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