Peru: Staff Report for the 2004 Article IV Consultation, Fourth Review Under the Stand-By Arrangement, and Request for Waiver of Nonobservance of Performance Criterion

Volume/Issue: Volume 2004 Issue 155

Publication date: May 2004

ISBN: 9781451831023

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Topics covered in this book

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Banks and Banking , Exports and Imports , Investments and Securities-General , Economics- Macroeconomics , Public Finance , Taxation - General , ISCR , CR , Yuncan hydroelectric plant , staff appraisal , Quijandria , executive board review , bidding of the concession , Peruvian authorities , International reserves , Public sector , Global , Western Hemisphere

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Summary

This paper examines Peru’s 2004 Article IV Consultation, Fourth Review Under the Stand-By Arrangement, and Request for Waiver of Nonobservance of Performance Criterion. In 2003, Peru’s real GDP grew by 4 percent, with inflation of 2.5 percent and a further strengthening of the external position. Fiscal reforms have progressed well over the last two years, including the creation of a sound legal framework for fiscal decentralization, improved fiscal transparency, and further pension reforms. The authorities' economic program for 2004 foresees continued economic growth, based on a further recovery of investment and strong export growth.