Peru's Fiscal Council warned that a $2.5bn budget top-up worsens a spending problem, leaving the incoming Fujimori government little room to move.
Country Risk
Key Facts
—The warning. On 9 July, Peru’s independent Fiscal Council said the country’s public finances should not be read complacently.
—The trigger. The government proposed a budget top-up of about 9.6 billion soles, near $2.5bn, the largest such expansion in five years.
—The rule breach. Non-financial spending grew 4.9% in real terms in the first half, against a fiscal rule allowing just 1.7% for the whole year.
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