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Congress Opens Door to New Pension Withdrawal

PERU
  • After the Economy Commission of congress voted 17-3 in favour of allowing a new pension withdrawal yesterday, the bill will now move to the congress plenum for a further vote. If approved, affiliates would be able to withdraw an amount equivalent to PEN20,600 from their accounts. According to Ministry of Finance estimates, this would result in around 6mn affiliates withdrawing funds in the Private Pension System, implying a potential outflow of around PEN29.5bn (~$8bn). Total AUM stands at PEN127.4bn. BCRP has highlighted its opposition to the proposal.
  • In other news, Prime Minister Gustavo Adrianzen said yesterday that congress will vote to confirm the members of the country’s new cabinet on April 3.
  • Meanwhile, the IMF recently concluded its article IV mission to Peru, which struck a positive tone, noting the country’s proven macroeconomic resilience which is reinforced by very strong buffers including low public debt and abundant international reserves. The mission noted that the government remains committed to fiscal prudence, although they recommended reforms to increase revenues.
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