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Financial News: PERU: Political Turmoil Undermines Governance And Growth -

PERU: Political Turmoil Undermines Governance And Growth - Fitch

01/10/2018 - 23:47:00 (RTTNews)

(RTTNews) - Political tensions in Peru pose new governance challenges and will likely have a negative impact on investment and economic growth in 2018-2019, Fitch Ratings said in a report.

The agency alluded to the political crisis triggered last month when President Pedro Pablo Kuczynski pardoned former President Alberto Fujimori three days after he was kept in office by an opposition-controlled Congress, avoiding his dismissal due to his ties to the Brazilian construction company Odebrecht.

"Political events could undermine Peru's ranking in the World Bank's Governance Indicators survey (an important variable in Fitch's sovereign rating model), as a result of weaker public perceptions of the rule of law, control of corruption and political stability," the agency said.

The political paralysis is expected to dominate the remainder of President Kuczynski's term until 2021, despite a cabinet reshuffle. The political tensions between President Kuczynski and the Congress led by "Fujimoriists" pose challenges of governance and have paralyzed the prospect of major reforms, such as judicial, labor and pension.

Fitch expects to revise the economic growth forecasts for 2018 and 2019 below the current prospects of 4.0% and 3.4%, respectively.

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