The Lima Chamber of Commerce (CCL) expressed its “firm opposition” to the Government’s announcements regarding the evaluation of a new capital contribution to and asked the president of the Council of Ministers, Alberto Otárola, to “keep his word of not giving any additional money to that state company.”

The CCL recalled that Otárola, in his participation in CADE, on November 14, 2023, maintained that no more state money would be given to Petroperú since the company had completed an economic cycle in the country and it was not viable to continue financing its deficit. .

However, the same Government has recently revealed that it is evaluating a new capital contribution requested by the state company. This occurs after a contribution of S/ 4,000 million and short-term debt with a state guarantee of US$ 500 million, in 2022.

“Petroperú has short-term debts amounting to US$3.5 billion and long-term commitments of up to US$14.2 billion, which compromises its attractiveness for investors and its ability to meet its obligations”says the union in a statement.

“In a context in which the State’s current revenues have decreased and the fiscal deficit has increased to 2.5% of GDP in 2023, any additional financial support to Petro-Perú could worsen the fiscal situation, diverting resources that could be used productively in other areas”, he adds.

The CCL recommended transparency and strict governance in the management of this state company and suggested that, in the long term, it attract private capital to finance its investments, reduce its debt and guarantee its sustainability. Finally, he called on the authorities to make responsible decisions that do not affect the fiscal coffers and allow other urgent priorities in the country to be addressed.

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