April 1, 1993
Q: What are some recent changes that have been made in Peru to promote investment in its capital markets?
A: In the last two years, my administration has enacted a set of rules aimed at promoting private investment—domestic as well as foreign—in the different economic sectors of the country. With this, we seek to establish basic principles which guarantee investors a more secure, transparent and stable legal environment.
In regard to foreign investment, I’d like to emphasize an important aspect: the equal treatment (of the foreign investor) in comparison with the domestic investor, including—and this has to stand out—as it applies to access to internal credit. This my administration esta
Peruvian President Alberto Fujimori has established his country's economy by cutting inflation from 7,600% in 1990 to 57% last year and trimming public sector deficit to 2.5% of GDP in 1992 from 6.5% in 1990. In March, Peru took a big step toward regaining its international financial composure by wiping away over $1.7 billion of arrears to the World Bank and the IMF. The IMF responded by authorizing Peru to draw a $1.4 billion credit over three years, with about $136 million to be channeled towards reducing the country's commercial bank debt. The credit will support Peru's economic program.
The President graciously delivered closing remarks at a recent LatinFinance conference held in Lima. Later, he answered some questions from Katherine Conradt concerning the country's capital markets