Dina Boluarte and his former Minister of Economy Raúl Pérez Reyes left the government with fiscal accounts in the red. In September, the fiscal deficit accumulated in the last 12 months totaled S/27,822 million, which is equivalent to 2.4% of GDP. This level is very similar to that of August, evidencing the difficulty of the Government, currently administered by José Jerí, to reduce the deficit to 2.2% of GDP, as established by the fiscal rule.
An aspect to highlight is that, of this excess of expenses over accumulated income, S/2,036 million were destined to prevent Petroperu incurs a cessation of payments with the Banco de la Nación. In September alone, the amount for honoring the oil company’s debts with the state bank reached S/832 million. Between June and August, more than S/1,200 million had already been assumed.
Although a default on payments between Petroperú and the Banco de la Nación may not seem so serious, given that both companies belong to the Peruvian State, in practice the state bank, with a guarantee from the State, lent money to Petroperú to avoid a ‘default’ with other creditors. For this reason, the Boluarte Executive has resorted every month since June to the coffers of the Public Treasury to honor the oil company’s debt with the Banco de la Nación.
It was Dina Boluarte who brought Alejandro Narváez to the Petroperú board despite the refusal of her ministers. During Narváez’s management, the oil company’s accumulated debt increased from 43% of its assets to more than 50%. Although the Executive has decided to dispense with Narváez, it has not yet done so with Óscar Vera, the company’s general manager.
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