LatinNews Regional Monitor: Andean Group - 27 March 2020

* Peru’s Economy & Finance Minister María Antonieta Alva has said that the government has PEN5bn (US$1.41bn) guaranteed for the 'economic revival phase', once the 15-day general quarantine – imposed on 16 March to prevent the spread of coronavirus (Covid-19) in the country – comes to an end. During a press conference Alva said that this revival will be fuelled by greater public sector investment and the creation of temporary jobs. She noted that the government’s economic plan to mitigate the impact caused by the spread of Covid-19 consists of two parts: the current containment stage (while social isolation occurs) and the economic reactivation stage. Noting that the government has earmarked a total expenditure of PEN16bn for “possible scenarios”, she said this was “complemented by measures adopted by the superintendence of banking, insurance, and private pension fund administration [SBS] – which have to do with the reprogramming of debts – and those by the central reserve bank [BCRP] to maintain liquidity in the financial system”.

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