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Luis Carranza Ugarte

Exclusive Interview: H.E. Luis Carranza Ugarte

Luis Carranza Ugarte 49%

Named Peruvian Minister of Economy and Finance on July 28, 2006, Minister Carranza Ugarte has overseen continued economic growth and low inflation. In an exclusive interview with the Americas Society and Council of the Americas, he stresses the importance of sound economic policy while highlighting the Peruvian government’s focus on improving social conditions. The U.S.-Peru Trade Promotion Agreement is a critical step in that direction.

Minister Carranza Ugarte was the chief economist for Latin America and emerging markets at BBVA prior to joining the cabinet of President Alan García. He also served as deputy finance minister in the administration of President Alejandro Toledo.  Earlier this year, approximately 150 private sector leaders, policymakers, academics, and members of the press attended a public program at the Americas Society and Council of the Americas in honor of the minister.


AS/COA: The Peruvian economy has been growing at levels that rival other leading emerging market economies. In 2006, GDP growth reached 8 percent—up from 6.4 percent in 2005—marking the highest growth in 12 years. How do you plan on maintaining this strong performance in the coming years? Increased growth also sparks greater social and development program demands. How will the administration of President Alan García balance fiscal restraint with the need to further reduce poverty and inequality?

Carranza: We are currently engaged in a long-term plan to support current growth rates. The plan has three parts. The first component focuses on maintaining macroeconomic stability, preserving an adequate fiscal position, and keeping the low inflation seen in the last few years. Together, these policies will create an economic environment that opens the door for all other measures to be effective. The second part of this plan is to improve our public spending policies and make sure that our ratio of spending to poverty reduction improves significantly over the next five years. For example, we have increased the budget for public investments by almost 50 percent, on a year-to-year basis for 2007, and, at the same time, we have ensured that current spending (personnel) remains in check. Investment in infrastructure is critical to our development and necessary for continued high growth rates. And finally, we are committed to making Peru a more competitive country. This means changing our tax code to make it more efficient and balanced, lowering customs taxes, investing in infrastructure, and signing free-trade agreements with our most import. nt trade partners.




April 27, 2007

Read full interview: coa.counciloftheamericas.org


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