Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Peru prime minister to take on double role as finance minister - sources

Published 23/06/2017, 01:01
© Reuters. Peru's Prime Minister Fernando Zavala talks to Reuters during an interview at the government palace in Lima
HG
-
SBMRF
-

LIMA (Reuters) - Peru Prime Minister Fernando Zavala will be appointed finance minister and remain in his current post at the head of centrist President Pedro Pablo Kuczynski's cabinet, two government sources told Reuters on Thursday.

Zavala, a former executive at brewer SABMiller (LON:SAB) who served as finance minister in 2005 and 2006 when Kuczynski was prime minister, will be sworn in on Friday, the sources said, speaking on condition of anonymity as an official announcement had not been made.

Zavala will only be finance minister temporarily, said one of the sources.

The cabinet shuffle follows an overwhelming vote of no-confidence that the opposition-controlled Congress delivered to outgoing Finance Minister Alfredo Thorne on Wednesday after an audio recording surfaced in which he appeared to pressure the comptroller to approve a controversial project.

Earlier on Thursday, Kuczynski did not rule out that Zavala might replace Thorne following a report by local newspaper El Comercio that it was under consideration.

"I can think of several ministers in the past that have been prime ministers while running a ministry. It wouldn't be the first time if it does happen," Kuczynski told reporters.

Zavala, 46, will be tasked with reviving slumping investments in the world's second-biggest copper producer while trying to ease growing tensions with the rightwing opposition.

Kuczynski, a 78-year-old former Wall Street banker, took office nearly a year ago with plans to bolster economic growth through infrastructure development and lower taxes, but a graft scandal involving Brazilian builder Odebrecht and the worst flooding in at least 20 years have derailed those plans.

© Reuters. Peru's Prime Minister Fernando Zavala talks to Reuters during an interview at the government palace in Lima

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.