IMF Praises Peru Economic Management

The International Monetary Fund has praised Peru’s economic performance and offered a vote of confidence in President Alan García’s second attempt to run the Andean nation after disastrous consequences the first time around. “The authorities’ program is yielding significant dividends,” said the Fund. The comments came after a mission to the country to carry out the first review under its 25-month Standby Arrangement. Meanwhile, figures released Tuesday by the national statistics bureau INEI show that GDP expanded by 5.9% in March, compared with the same month in 2006, while growth for the first quarter reached 7.46%, year on year. The government is looking for growth of around 8% this year.