Former Ministers of Economy warn risks due to high public spending and weak institutions

Institutions are weakened and spending initiatives from the Executive and Parliament may take their toll on the country in the coming years. These are the warnings that five former holders of the who participated in the round table Future Peru: Economic Perspectives of Peru to 2023 of Centrum PUCP.

One of the criticisms came from former Minister Alonso Segura, who observed that “all kinds of modesty have been lost due to respect for the rules by State institutions” and explained that the effect of bad fiscal decisions may not be seen today because the high prices of raw materials allow a high collection, but this may change.

“In this context, a boom of internal confidence should be generated for the growth of private investment and, therefore, growth of collection to serve the population with fewer resources. That circuit has been broken by internal economic decisions of our political class,” he said.

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Added to this is the gaze of the former minister Waldo Mendozawho considered that the MEF has lost power “due to the current political circumstances.”

“Although the current minister was able to fix the problem in Petroperú, the government did not observe the law passed by Congress for the payment of 40 billion soles to teachers,” he stressed.

The former ministers also participated in the table Alfredo Thorne, Pedro Francke and David Tuesta. The latter recalled that fiscal strength “is not forever.”

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On the other hand, Thorne commented that “(a world without institutions leads us to a failed state, where there are no rules”, which leads to “a government without direction”.

“The modern state is based on very few institutions, so when the institutions break, that state also breaks, which generates anarchy. To achieve a change, a major reform is needed from the civil service, that is, to professionalize the civil service. As a country we have achieved some islands of efficiency but we must expand it”, he stated.

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