Peru will invest 1,550 million dollars to reactivate economy

Peru’s Economy Minister, Alex Contreras, said Thursday that the government will invest some 1.55 billion dollars in a plan to reactivate the country’s growth, affected by constant political crises.

"The cost of the program that we are implementing has a cost of 5,900 million soles (about 1,550 million dollars). What we are looking for is to continue advancing in the rapid recovery of our economyā€¯, the minister commented to the press.

The 19-measure plan contemplates the generation of 130,000 jobs and is expected to help the economy grow 1.2 percentage points more in the first half of 2023.

The Ministry of Economy and Finance expects the Peruvian economy to grow by up to 3.9% next year.

The program, called "With Punche (energy), Peru" will have some measures with "immediate effects"said Minister Contreras.

"We are prioritizing the regions most affected by the conflict. It is a plan focused on the regions, it is a package of measures to strengthen family economies"said the minister.

On December 7, then-President Pedro Castillo unsuccessfully attempted a coup, which ended with his removal from office and imprisonment. He was replaced by his vice president, Dina Boluarte.

Following these events, violent protests were unleashed by supporters of Castillo, mainly in rural towns in the south of the country. These were contained by security forces, with a balance of 22 dead and more than 600 injured.

The protests, which called for the release of Castillo, the resignation of Boluarte and the advancement of the elections, caused the closure of highways and some airports, in addition to the paralysis of commercial and tourist activities.

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According to Minister Contreras, these protests caused Peru losses of 1,000 million soles (264 million dollars).

The demonstrations subsided with the arrival of the year-end holidays, but the authorities anticipate that they will be reactivated in January.

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