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Government Approves $1.3bn Support Package For Petroperu

PERU
  • The government announced details of a $1.3bn support package for Petroperu yesterday, comprising an $800mn state-guaranteed loan and a $500mn state-backed credit line, both with state-owned Banco de la Nacion. The package is less than the $2bn Petroperu initially requested, which would have included a cash injection from the government, but should ease liquidity concerns for the time being. The government has also said that it will overhaul the Petroperu board soon, but it has not yet provided any further details.
  • In other news, the government has declared a health emergency across 20 regions of the country in response to a surge in dengue fever cases. Roughly 32,000 cases have been reported so far this year, mostly in the country’s north, with 32 deaths being recorded, according to Health Minister Cesar Vasquez.
  • Data wise, the calendar is light today, with attention on February CPI inflation next, due on Friday. The central bank is scheduled to meet next week, when it is likely to continue its easing cycle with another 25bp rate cut to 6.0%.
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