January 29, 2009 / 1:22 AM / 11 years ago

Peru says injecting first part of stimulus package

LIMA, Jan 28 (Reuters) - Peru on Wednesday started the first part of spending under its economic stimulus package, just days after Finance Minister Luis Carranza took the job amid calls for the program to be accelerated.

The first bit includes 4.5 billion soles ($1.42 billion) of price cuts and spending. It includes a 10 percent reduction in fuel prices, 3 billion soles in social spending, help for non-traditional exporters, and infrastructure projects.

The finance ministry said it also has been working to keep credit lines open and obtain loans from multilateral agencies.

In a plan unveiled late last year by Carranza’s predecessor, Luis Valdivieso, the stimulus plan called for spending of $3.2 billion this year.

At the time, it said the total size of the package could rise to $13 billion if necessary.

Peru’s economy grew about 9 percent last year, though it is expected to slow to between 5 percent and 6 percent this year. ($1 = 3.16 soles) (Reporting by Terry Wade; Editing by Carol Bishopric)

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