Peru Pushes Through Economic Policies to Tackle Impact of Coronavirus on Economy
27 marzo 2020


On March 20, the Executive branch issued Emergency Decree No. 029-2020, and implemented complementary measures aimed at financing micro and small enterprises (MSMEs). It also submitted other provisions to reduce the impact of the Coronavirus on the Peruvian economy. The idea is to promote financing through working capital loans and restructure and refinance MSME debts, to maintain and boost their productive development. The decree will be in force until December 31, 2020.

The political party Podemos Perú (allied to the ruling party) submitted a bill for a banking and tax amnesty to Congress for reasons of general national emergency. The idea is to suspend the banking obligations and tax obligations of those affected by cases of national emergency following the appropriate affidavit. The bill is to be sent to committee in the coming weeks.

For its part, the Central Reserve Bank of Peru agreed to reduce the reference interest rate by 100 base points from 2.25% to 1.25%, as economic activity in the country is being temporarily affected by the effects of the coronavirus pandemic, through a shock to the supply system and a reduction in domestic demand.

On the other hand, the National Customs Superintendency issued resolution No. 006-2020-SUNAT/300000, empowering it to not determine or sanction infractions contemplated in the General Customs Law during the period from March 12 to June 9, 2020. Likewise, no reimbursement or compensation shall be made for payments made in connection with the violations covered by the discretionary power approved by this resolution.

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