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Wednesday, November 28

Economist Intelligence Unit New IMF accord paves way for growth: "The IMF is being quite flexible with Peru in its new accord. It acquiesced to a deficit target of 1.9% of GDP in 2002, and will permit this to increase to 2.1%-2.2% of GDP if indeed privatisation receipts exceed the minimum and enable additional government spending. The IMF had initially wanted Peru to adopt a tighter deficit target of around 1.5% for next year. This year's deficit will amount to around 2.4% of GDP." But what Peru really needs is an economic turnaround soon. This government and the previous one kept thinking that it can't be this bad for much longer.

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