LIMA, Oct. 22 (Xinhua) -- Peruvian President Keiko Fujimori on Thursday announced a package of fiscal measures that includes an additional 18 billion soles (about 5.25 billion U.S. dollars) in funding for 2027 to address the effects of the El Nino phenomenon, boost infrastructure investment and protect the most vulnerable families.
Explaining the scope of the plan at the Government Palace in Lima, Fujimori said 2.5 billion soles will be allocated for cash bonuses to vulnerable families, and another 2 billion soles will go to maintaining public infrastructure to create jobs.
She said 500 million soles will be used to subsidize fuel amid rising prices, while the bulk of the funds, 13 billion soles, will go to infrastructure projects.
Fujimori stressed the importance of the funding, saying El Nino-driven rains along the northern coast and droughts in the south threaten homes, roads, schools and farmland. She added that Peru's strong macroeconomic indicators would allow the fiscal deficit to rise to 2.4 percent of gross domestic product in 2027.
Economy and Finance Minister Elmer Cuba added that the strategy also includes financial support and liquidity mechanisms for micro and small businesses, such as the deferral of tax obligations, the release of funds held in tax-deduction accounts and the granting of loans backed through the Crecer Fund.
