Archive, 1993: Fujimori on Peru

Peruvian President Alberto Fujimori has established his country’s economy by cutting inflation from 7,600% in 1990 to 57% last year and trimming public sector deficit to 2.5% of GDP in 1992 from 6.5% in 1990. In March, Peru took a big step toward regaining its international financial composure by wiping away over $1.7 billion of arrears to the World Bank and the IMF. The IMF responded by authorizing Peru to draw a $1.4 billion credit over three years, with about $136 million to be channeled towards reducing the country’s commercial bank debt. The credit will support Peru’s economic program. The President graciously delivered closing remarks at a recent LatinFinance conference held in Lima. Later, he answered some questions from Katherine Conradt concerning the country’s capital markets