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Financial News: PERU: Government To Restructure Public Spending, Boost Inv

PERU: Government To Restructure Public Spending, Boost Investment

04/05/2018 - 18:44:00 (RTTNews)

(RTTNews) - The Peruvian Ministry of Economy and Finance (MEF), in coordination with all sectors, aims at promoting a fast restructuring of the public expenditures in the short term, so that they become more efficient, while increasing public investment, said David Tuesta, the new head of the MEF.

Tuesta noted that the country's tax collection lowered due to the economic slowdown and "fiscal decisions taken with good intentions, but with poor results," according to information from the "El Peruano" official newspaper.

The minister said that despite this uncomfortable situation, the government kept betting on stimulating growth through taxes, which is reflected in an upward trend in current spending, but with a steady decline in public investment and tax burden. "This situation, for a developing country, is a crime. So we have to create the fiscal room based on a rapid restructuring of public spending," he affirmed.

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