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Posts Tagged ‘stimulus package

How is the Economic Stimulus Package Going in Peru?

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As we expect news on the American Economic Stimulus Package in the next two weeks, Reuters writes about the status of the Peruvian’s stimulus package which will help Peru ride best the global economic recession with government estimates reaching up to 4-5% GDP growth in 2009.

The Reuters article reads:

Peru started the first part of spending under its economic stimulus package (…).

The first bit includes 4.5 billion soles ($1.42 billion) of price cuts and spending. It includes a 10 percent reduction in fuel prices, 3 billion soles in social spending, help for non-traditional exporters, and infrastructure projects.

The finance ministry said it also has been working to keep credit lines open and obtain loans from multilateral agencies.

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Written by Catherine Castro

January 28, 2009 at 10:56 pm

Posted in News

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Peru Announces $13 Billion Stimulus Package To Ride US Economic Crisis Strongly

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I don’t typically write about economic-related news but more on fun and useful information about Peru. But I think it is worth mentioning how Peru is actually riding the US economic crisis.

As I mentioned in my November post, Peru is one of the few countries in Latin America that will be able to ride the crisis better than others with estimates of 9 percent in 2008 and 6.5 percent in 2009. In fact, the first statistics showing a downturn include:

  • Copper and minerals prices are tumbling, thus exports fell in October for the first time in more than six years and down 11.4 percent from the same month last year.
  • In September, Peru registered a trade deficit for the first time in more than five years, followed by a US$ 506 million shortfall in October.

As a result, the Peruvian government today announced a US$ 13 billion stimulus package for housing, highways and other projects in 2009, as Reuters reports today.

Written by Catherine Castro

December 8, 2008 at 12:41 am