LatinNews Daily - 08 August 2022

In brief: Peru’s Castillo rejects PM resignation, changes finance minister

* Peru’s President Pedro Castillo has initiated a new cabinet reshuffle, replacing six ministers including the economy & finance minister, Óscar Graham. The reshuffle was triggered by the attempted resignation of Prime Minister Aníbal Torres on 3 August, which was rejected by Castillo two days later. Graham has been replaced by Kurt Burneo, a former director of Peru’s central bank (2001-2006) who also served as production minister in 2011. Burneo appears to have been chosen to reassure markets that have regularly been spooked by political volatility under Castillo. In an interview with the RPP radio station, Burneo stressed the importance of growing the economy and separating the tumultuous political situation from Peru’s economic stability. In order to improve growth, Burneo emphasised the need to increase public spending which he said would stimulate private investment. He said he would also seek to improve relations between his ministry and congress, as well as with the independent central bank. Castillo made five other changes: Foreign Minister César Landa was replaced by Miguel Rodríguez Mackay; Culture Minister Alejandro Salas was replaced by Betssy Chávez; Salas replaced Juan Lira Loayza as labour minister; César Paniagua replaced Geiner Alvarado López at the housing, construction and sanitation ministry; and Alvarado replaced Juan Barranzuela Quiroga at the transport and communications ministry.

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