Peru: Second Review Under the Stand-By Arrangement
April 21, 2003
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This paper focuses on Peru’s Second Review Under the Stand-By Arrangement (SBA). Progress was made on structural reforms, but key reforms remain to be implemented, including the completion of tax reform and implementation of a fiscally neutral decentralization. Both are crucial to fiscal sustainability over the medium term but face considerable risks in the current political environment. The 2003 program aims at maintaining prudent macroeconomic policies, including moderate fiscal adjustment, and pressing ahead with structural reforms. Moderate fiscal adjustment is also needed to give credibility to the authorities' medium-term deficit target.
Subject: Bank deposits, Central banks, Economic sectors, External debt, Financial services, International reserves, Public debt, Public sector
Keywords: Bank deposits, CR, executive board review, floating exchange rate system, fuel excise taxes, Global, government, inflation targeting framework, International reserves, ISCR, Public sector, staff appraisal, Western Hemisphere, WTI price
Pages:
82
Volume:
2003
DOI:
Issue:
104
Series:
Country Report No. 2003/104
Stock No:
1PEREA0032003
ISBN:
9781451831030
ISSN:
1934-7685
