A group of experts gathered at the Lima Bar Association reported that around S/34,000 million in public deposits and the trajectory of the municipal funds over 44 years old are in danger due to the political interference of the transitional government of José Jerí and the third vice president of Congress, Ilich López.
The latter’s party was recently excluded from the electoral race by the National Election Jury following allegations of fraud in the primary elections.
The rejection by the experts responds to the modifications introduced to the “Law that strengthens the operation of municipal funds” through the Public Debt Law. The latter is a rule outside the cash system, used by Congress and the Executive to include provisions with their own name.
The critical thing is that the approved changes are part of an opinion not yet ratified due to the lack of consensus in Congress and the explicit technical rejection of the SBS and the BCR.
“I am very surprised that a provision with such aforementioned antecedents, a law that was voted against and had to be archived, is resurrected again. And resurrected by the grace of the third vice president of Congress, former president of the Economy Commission, and that the current president of the Republic is the co-author of the law,” said Luis Miguel Castilla, former Minister of Economy.
“There is something very important here that goes beyond the boxes: it is the manipulation and manipulation of laws that are absolutely key for the politicians in power,” he added.
Corporate governance
Castilla maintained that the independence of the boards of directors is a fundamental pillar for entities that, such as municipal savings banks, manage third-party resources. He stressed that the approved measure compromises financial sustainability by weakening the counterweights that prevent political capture.
Specifically, he questioned that the selection of directors representing the MSEs passes from the SBS to the Ministry of Production without clear technical criteria, and that limits are imposed on the governance and re-election of board presidents without technical support.
Jorge Danós, partner of Estudio Echecopar, maintained that the approved modifications would violate the economic autonomy and assets of the municipalities. The jurist warned that, since the funds are owned by the council, these measures directly interfere with the management rights of local governments over their own assets.
Another central question is that the standard does not require regulations for its application. According to the president of the Federation of Municipal Savings Banks (Fepcmac), Jorge Solís, this will allow Congressman Ilich López and the current President of the Republic, José Jerí, to appoint directors in all savings banks starting next year. The union warned that this politicization of the boards would represent a “disgrace” for the stability of the system.
The Executive has the last word. It will be up to President José Jerí to observe this rule to demonstrate that his management prioritizes technical solvency over political interest. Only in this way will it be possible to dispel doubts about its involvement and guarantee that municipal funds do not become a loot for the government in power.
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