IMF Executive Board Completes Fourth and Fifth Reviews under Peru's Stand-By Arrangement

Press Release No. 06/170
August 1, 2006

The Executive Board of the International Monetary Fund completed the fourth and fifth reviews of Peru's economic performance under a 26-month Stand-By Arrangement, in an amount equivalent to SDR 287.279 million (about US$423.6 million), approved on June 9, 2004 (see Press Release No. 04/112). The completion of the final reviews makes available for purchase the full amount of the arrangement. The Peruvian authorities have been treating the arrangement as precautionary and indicated that they will not make any drawings before the arrangement expires on August 16, 2006.

In completing the reviews, the Board granted a waiver of applicability of the June 30, 2006 quantitative performance criterion on the borrowing requirement of the combined public sector, for which data were not available yet. Staff anticipates that this quantitative performance criterion will be met with a margin.


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