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New Cabinet Sworn In By President Castillo

PERU
  • President Pedro Castillo administered the oath of office to members of the new Cabinet led by Hector Valer Pinto, who will replace Mirtha Vasquez in the post of PM.
  • Castillo appointed a U.K.-educated former central bank economist, Oscar Graham, as Finance Minister during a cabinet reshuffle.
    • Graham worked as an economist at Peru’s central bank 1988 to 2011, and since then has mainly worked at the Finance Ministry and the Ministry of Production.
  • - Other appointments included - Alessandra Herrera mining minister, Alfonso Chavarry interior minister, Jose Gavidia defense minister, Cesar Landa as foreign minister.
  • JPMorgan note the new Premier puts the constitutional reform push on the back burner.
  • In his initial remarks as the new Premier, Valer alluded to the campaign for a new constitution, noting that while a campaign promise, "the constituent moment" will take place in no less than 4 years from now.
  • In that manner, the new Premier seems to leave behind any attempt of President Castillo to reform the constitution during his presidential term, which ends in 2026. Also, yielding on constitutional reform also increases the likelihood of the Congress granting its confidence on the new Cabinet.
  • Finance Minister Graham’s experience suggests a solid knowledge of markets, and his independence would likely prove an asset when engaging political negotiations. The newly appointed FinMin should define priorities in terms of reforms ahead, amid limited Congress leeway.
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