Economy Commission gives the green light for a new rescheduling of Reactiva Peru credits

Economy Commission gives the green light for a new rescheduling of Reactiva Peru credits

The gave the green light this Monday to the prediction that proposes to exceptionally establish access to a second rescheduling of credits guaranteed with the Reactiva Peru program.

With 11 votes in favor, seven against and no abstentions, the initiative was approved after more than three hours of debate.

The prediction is based on the bills 674/2021 and 1884/2021. The first of them belongs to congressman Jorge Morante Figari (Popular Force) and the second to legislator Karol Paredes Fonseca (Popular Action).

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Two year grace period

Access to this second rescheduling, with a new reception period, is intended to guarantee the operability of companies that find their sales level has decreased, and a grace period of two years.

Congresswoman Silvia Monteza Facho, who chairs the Economy Commission, explained that the substitute text “It preserves the structure of the initial project, updating the context, since, at the time of the preparation of the opinion, the law that was proposed to be modified is no longer in force; In this sense, it is proposed as a second rescheduling of the credits guaranteed with the Reactiva Peru Program.”.

Prior to approval, the commission received the opinion of various officials on this issue. Among them, the head of the Development Finance Corporation SA (Cofide), Carlos Linares Peñaloza; and the executive president of the National Chamber of Tourism of Peru (Canatur), Carlos Canales Anchorena.

Also, the president of the Peruvian Association of Hotels, Restaurants and Related (NOW), Blanca Chávez Chávez; the president of the Peruvian Association of Tourism Companies (Apetur), Rolando Concha López; and the Peruvian Chamber of Construction (Capeco).

BCR opinion

For his part, the central manager of Economic Studies of the Central Reserve Bank of Peru (BCR), Adrián Armas Rivas, stated that “extending the current program implies, in practice, that the level of liquidity that was exceptionally injected is being maintained”.

Said high level of liquidity would not be in line with the programming of the monetary policy aimed at managing the current levels of inflation, a highly priority issue due to well-known causes of global origin. All this contravenes the autonomy of the BCR”, he emphasized.

Focused reprogramming

Hours before the debate in the Economy Commission, the Minister of Economy and Finance, Óscar Graham, said that a new reprogramming focused on the payment of Reactiva Peru credits is being evaluated.

We are making an evaluation of what the characteristics of the company are. In any case, if you make a additional reprogramming, will have to be very focused on those companies that still do not have a recovery of their activities”, said the minister during the Budget Commission.

He recalled that previously a rescheduling was already authorized that included an additional grace period of 12 months, therefore, in this month the first payments of the credits would begin to be made.

What we also do not want is to generate a culture of non-compliance, that is, that a loan that was granted two years ago and after that time absolutely nothing is paid. It has to be any kind of targeted measure. It must be considered that this is a program that was carried out jointly with the Central Reserve Bank, which provided the resources and the Public Treasury provided the guarantees.”, he added.

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