November 21, 2001
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The Deputy Managing Director of the International Monetary Fund (IMF) Eduardo Aninat today made the following statement after agreement was reached in principle between the Peruvian authorities and the IMF staff on a new economic program to be supported by a two-year IMF stand-by credit.
"I wish to express my satisfaction about the successful conclusion of negotiations between the Peruvian authorities and the IMF staff on a new economic program. IMF Management intends to recommend to the Executive Board the approval of a new two-year stand-by arrangement to support this program. If approved by the Executive Board, the program will contribute to the recovery and growth of the Peruvian economy.
"The IMF has cooperated actively with the government of former President Paniagua during the transition period that has preceded the election of President Toledo," Mr. Aninat said.
The Executive Board is expected to consider Peru's request for a stand-by in January. The new agreement will replace the current one-year stand-by due to expire in March 2002. The program envisages GDP growth in the range of 3.5 - 4 percent in 2002 and 5 percent in 2003, the maintenance of low inflation, and a moderate increase in net international reserves.
