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Search resuls for: "Alex Contreras"


11 mentions found


☆ Recession-hit Peru aims to boost investment with stimulus package
  + stars: | 2023-11-09 | by ( Marco Aquino | ) www.reuters.com   time to read: +1 min
LIMA, Nov 9 (Reuters) - Peru's government on Thursday announced a package of more than two dozen new measures aimed at boosting investments in the Andean nation, which has been hit by a recession. Economy Minister Alex Contreras said the measures included moves to attract investments to the country's critical mining sector and boosting mining production. 2 copper producer slid into recession this year due to the El Nino weather phenomenon, lower private investment and lingering effects from earlier social conflicts. With the fresh stimulus, Peru's economy will still be able to hold the country's fiscal deficit to its goal of 2.4% of GDP this year, Contreras said. "We're looking to create a jolt of confidence, for the private sector to understand that the government is committed to reactivating the economy," he said.
Persons: Alex Contreras, Contreras, Marco Aquino, Brendan O'Boyle, Kylie Madry, Alexander Smith, Sandra Maler Organizations: El, Thomson Locations: LIMA
☆ Peru cuts interest rate again as prices ease but recession lingers
  + stars: | 2023-11-09 | by ( Marco Aquino | ) www.reuters.com   time to read: +2 min
A worker walks pasts the logo of the Central Reserve Bank of Peru (BCRP) inside its headquarters building in Lima, Peru June 16, 2017. The bank's third consecutive cut comes as the rate of rising consumer prices has been coming down. But the latest decision to cut rates does not necessarily imply a cycle of successive rate reductions, the monetary authority said in a statement. It added that future adjustments to the key lending rate "will be conditioned on new information on inflation and its determinants." Earlier on Thursday, Peru's government announced a package of measures aimed at boosting investments in the country's critical mining sector.
Persons: Mariana Bazo, El, Peru's, Alex Contreras, Marco Aquino, David Alire Garcia, Matthew Lewis Organizations: Central Reserve Bank of, REUTERS, Rights, El Nino, Thomson Locations: Central Reserve Bank of Peru, Lima , Peru, Lima
☆ 'No doubt' Peru in recession, econ minister says, seeking stimulus
  + stars: | 2023-10-20 | by ( ) www.reuters.com   time to read: 1 min
LIMA, Oct 20 (Reuters) - There is "no doubt" Peru is in a recession, Economy Minister Alex Contreras said on Friday, his first acknowledgment of the country's negative growth, before speaking before congress to request a fiscal stimulus. Contreras had previously downplayed months of economic contraction, but told journalists outside congress on Friday that the "difficult" situation was now definitively considered a recession. Reporting by Marco Aquino; Editing by Isabel WoodfordOur Standards: The Thomson Reuters Trust Principles.
Persons: Alex Contreras, Contreras, Marco Aquino, Isabel Woodford Organizations: Thomson Locations: LIMA, Peru
☆ Peru slashes growth outlook amid falling copper investment
  + stars: | 2023-08-29 | by ( Marco Aquino | ) www.reuters.com   time to read: +3 min
LIMA, Aug 29 (Reuters) - Peru lowered its economic growth forecasts for 2023 and 2024 on Tuesday amid poor weather, lower private investment in mining, and anti-government protests earlier this year. The South American country's economy is expected to grow 1.1% this year, the economy ministry said in Peru's official gazette. Next year, Peru's economy is expected to grow 3.0%, the ministry added, down from a previous estimate of 3.4%. That makes El Nino the largest immediate threat to Peru's economy, the government said. Meanwhile, Peru's estimated current account deficit was lowered to 1.6% of GDP, down from the 2.1% of GDP previously expected.
Persons: LIMA, El, Peru's, Alex Contreras, Marco Aquino, Kylie Madry, Isabel Woodford, David Holmes, Alistair Bell, Bill Berkrot Organizations: Peruvian Fiscal, El, El Nino, Finance, year's, U.S, Thomson Locations: Peru
☆ Peru economy shrinks for two straight quarters, minister denies recession
  + stars: | 2023-08-01 | by ( ) www.reuters.com   time to read: +2 min
Aug 1 (Reuters) - Peru's finance minister said on Tuesday that preliminary data showed the country's economy shrank in June, marking two consecutive quarters of contraction, which is a common definition for a recession. Finance Minister Alex Contreras told reporters he expects economic growth to return in July after preliminary data showed that the economy shrank by about 1% in June. That followed official data showing that the South American country's economy contracted by 0.43% in the first quarter. Despite the data, Contreras asserted that the economy is not in recession while heaping blame on "obsessed" analysts who root against the government for any suggestion to the contrary. "The economy isn't in a recession and it hasn't entered into a recession," said Contreras, adding that economic recessions typically involve "prolonged periods" of downturn, though he did not provide a specific definition.
Persons: Alex Contreras, Contreras, hasn't, jailing, Pedro Castillo, Dina Boluarte, David Alire Garcia, Alexander Villegas, Sandra Maler Organizations: Thomson Locations: Nino
☆ Peru announces $9 bln injection to boost economy amid protests
  + stars: | 2023-02-28 | by ( ) www.reuters.com   time to read: +2 min
Private investment in Peru fell 0.5% last year, while it posted a 37.4% growth in 2021, according to economy ministry data. "The goal is for private investment to increase 3% this year," Contreras told the conference. Peru's economic growth stood at 2.68% at the end of 2022, a steep decline from the 13.61% climb recorded the year before. The International Monetary Fund (IMF) recommended Peru earlier in February to implement "targeted, temporary" fiscal stimulus given the slump in economic activity. Protests in Peru sparked after the ousting of Castillo, with demonstrators asking for President Dina Boluarte's resignation, the closure of Congress, a new Constitution and early elections.
☆ Peru announces $1.6 bln economic reactivation plan after protests
  + stars: | 2022-12-29 | by ( ) www.reuters.com   time to read: +1 min
Dec 29 (Reuters) - Peru will launch an economic reactivation plan at the cost of some 5.9 billion soles ($1.55 billion) after weeks of protests following the ouster of former President Pedro Castillo, the country's economy minister said Thursday. The push comes as protests and roadblocks have crippled trade and commerce in Peru, causing the country to lose around 100 million soles ($26.30 million) a day, Contreras said. The total losses come to 1 billion soles, or 1% of Peru's December GDP, a ministry presentation showed. The plan will also expand public works on federal, state and local levels and invest in industry like mining and agriculture, Contreras said. With the plan, called "Con Punche Peru," the Andean nation will maintain its growth estimate of 3.1% to 3.9% for 2023, Contreras said.
☆ Peru's defense minister named PM in Cabinet shuffle after protests
  + stars: | 2022-12-21 | by ( ) www.reuters.com   time to read: +3 min
[1/6] Peru's President Dina Boluarte, who took office after her predecessor Pedro Castillo was ousted, poses for a family picture with members of her new Cabinet, in Lima, Peru, December 21, 2022. REUTERS/Sebastian CastanedaLIMA/MEXICO CITY Dec 21 (Reuters) - Peru's President Dina Boluarte promoted the country's defense chief to the prime minister's job as part of a shuffle of her 11-day-old Cabinet on Wednesday, a move that followed protests this month that have left roughly two dozen people dead. Alberto Otarola, a lawyer who had been the Andean nation's defense minister, was named prime minister, and four others entered the Cabinet. That move followed Mexican President Andres Manuel Lopez Obrador's public support for Castillo. Earlier, members of Castillo's family landed in Mexico City after being granted political asylum.
☆ Exclusive: Peru eyes spending in protest zones, but fiscal goals 'non-negotiable' -minister
  + stars: | 2022-12-14 | by ( Marco Aquino | ) www.reuters.com   time to read: +3 min
The political turmoil is increasingly threatening to derail Peru's economic stability, with ratings agencies warning of downgrades, blockades impacting major mines and protesters demanding Congress and new president Dina Boluarte step down. Amid warnings from ratings agencies about the economic impact of the unrest and possible elevated spending, Contreras pledged that fiscal responsibility would be maintained. Peru is aiming for a fiscal deficit of 2.5% of GDP this year and 2.4% next year. On Monday, ratings agency S&P cut Peru's outlook to negative from stable and warned about a possible ratings downgrade if the upheaval continued. Contreras said that he had spoken with S&P and Fitch and understood their concerns, but highlighted Peru's fiscal and monetary strength, which he said was a buffer for the economy.
☆ Peru's president Boluarte names Cabinet following Castillo ouster
  + stars: | 2022-12-10 | by ( Marco Aquino | ) www.reuters.com   time to read: +1 min
[1/5] Peru's President Dina Boluarte, who took office after her predecessor Pedro Castillo was ousted, poses along with her new Cabinet in Lima, Peru December 10, 2022. REUTERS/Sebastian CastanedaLIMA, Dec 10 (Reuters) - Peruvian President Dina Boluarte on Saturday named her Cabinet, tapping former deputy finance minister Alex Contreras as economy minister and chemical engineer Oscar Vera as energy and mines minister, following the ouster of ex-President Pedro Castillo. Boluarte took office on Wednesday after Castillo was ousted from office and arrested following his failed attempt to dissolve Congress as lawmakers were preparing to impeach him. read moreShe also named former state prosecutor Pedro Angulo as prime minister and diplomat Ana Cecilia Cervantes as foreign minister. Reporting by Marco Aquino in Lima, Writing by Brian Ellsworth in Miami Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
☆ Peru cuts growth forecast due to global slowdown, political delays
  + stars: | 2022-11-08 | by ( ) www.reuters.com   time to read: +2 min
Peru is the world's second-biggest producer of copper, considered an economic bellwether due to its many uses across industry, transport, communications and construction. Burneo also broadened Peru's 2023 growth projection to between 3.1% and 3.9%, from an August estimate of 3.5%. He announced 10 new measures aimed at promoting growth via public investment, private sector projects and boosting domestic consumption. Protests have repeatedly disrupted transport along Peru's main copper corridor in recent months, causing an extended shutdown at China-based MMG's (1208.HK) Las Bambas mine. But despite the downwardly revised forecast, Deputy Finance Minister Alex Contreras told reporters the government's fiscal targets are "guaranteed."
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