World Bank: Next gov’t needs to maintain macroeconomic, fiscal policies to reduce poverty

The World Bank’s former director for Peru and other Andean nations, Felipe Jaramillo, called on the country’s next government to maintain macroeconomic and fiscal policies to reduce poverty.

“While it’s true that there is still a big stretch to go, we want to highlight the achievements the country has made between 2000 and today, and these are much better than anything achieved in the previous 30 years,” state news agency Andina reported Jaramillo as saying.

At the center of this success is the country’s macroeconomic management and legal stability which has provided confidence among national and international investors, he said.

Peru could significantly increase its standing on the world stage over the next five years, according to Jaramillo, who is currently the World Bank’s director in Central America.

“That can only be achieved if [Peru] maintains its economic growth rate, and improves its public works focus on social programs so that the benefits of the progress reach all Peruvians,” he added.

Peru’s poverty rate was close to 50 percent in 2000, decreasing about 10 points during the Toledo administration, and today President Garcia’s administration has said it hopes to lower the rate to 30 percent this year.

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