Peru: Second Review Under the Stand-By Arrangement
Volume/Issue:
Volume 2003
Issue 104
Publication date: April 2003
ISBN: 9781451831030
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Topics covered in this book
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Business and Economics , Banks and Banking , Exports and Imports , Finance , Economics- Macroeconomics , Public Finance , ISCR , CR , government , staff appraisal , inflation targeting framework , WTI price , floating exchange rate system , fuel excise taxes , executive board review , International reserves , Public sector , Bank deposits , Global , Western Hemisphere
Summary
This paper focuses on Peru’s Second Review Under the Stand-By Arrangement (SBA). Progress was made on structural reforms, but key reforms remain to be implemented, including the completion of tax reform and implementation of a fiscally neutral decentralization. Both are crucial to fiscal sustainability over the medium term but face considerable risks in the current political environment. The 2003 program aims at maintaining prudent macroeconomic policies, including moderate fiscal adjustment, and pressing ahead with structural reforms. Moderate fiscal adjustment is also needed to give credibility to the authorities' medium-term deficit target.
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