MOVES: Peru names new finance minister

14 July 2008 18:24  [Source: ICIS news]

HOUSTON (ICIS news)--Peru on Monday named Luis Valdivieso as the country's finance minister, replacing former minister Luis Carranza who resigned.

The cabinet change will not result in major changes to Peru’s macroeconomic policy, analysts said.

“The formal resignation of Finance Minister Luis Carranza today does not have any rating implications for Peru as Fitch expects continuity in macroeconomic policy with the new Finance Minister Luis Valdivieso,” said Theresa Paiz Fredel, a senior director in Fitch’s Latin America sovereign group.

“The Garcia administration continues to resist wage pressures and has used the commodity windfall to invest in infrastructure, pay down public debt and increase assets, a strategy which Fitch believes the new finance minister will maintain.”

Peru’s orthodox economic policy has been considered by analysts a key factor in developing the country’s Camisea natural gas fields and downstream fertilizer industry.

There is also rising interest in Peru as a biodiesel producer.

Fitch currently assigns Peru sovereign debt a BBB- rating with a stable outlook.

For more on biodiesel visit ICIS chemical intelligence
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By: John Waggoner
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