By Antonio De la Jara and Fabian Cambero
PARANAL OBSERVATORY, Chile, June 6 Peru's
economy is solid and the country has international reserves to
face the global turbulence that the euro zone's debt crisis is
whipping up, Peruvian President Ollanta Humala said on Wednesday
during a visit to Chile.
"Even though we're prepared to face this crisis with a solid
economy and international reserves to back it ... and relatively
low debt levels ... the economic crisis in Europe and the
northern hemisphere will affect us all," Humala said.
Peru's international reserves have doubled since the global
financial crisis of 2008-2009 and now total nearly $60 billion,
while the country's net public sector debt load is a tiny 6
percent of gross domestic product, and its public sector surplus
in the first quarter of the year was a whopping 7 percent of
The Finance Ministry also has a separate rainy day fund of
more than $5 billion.
Private investment and strong metal sales have helped Peru
grow at China-paced rates in recent years, and foreign firms
have pledged about $15 billion in investments in Peru, or about
10 percent of GDP, since Humala took office nearly a year ago.