Peruvian President Pedro Castillo completed his cabinet on Friday and appointed as his Ministers of Economy and Justice two close advisers, with the intention of defusing a political tension that began with the appointment of a controversial prime minister and other inexperienced secretaries.
In a ceremony held this Friday night, the Peruvian president took an oath to Pedro Francke, as the new Minister of the Economy, and Hannibal Torres, as holder of the Justice portfolio.
Francke’s name was confirmed amid the economic uncertainty that affects the national market and affects the rise of the dollar, which reached a historic level.
Upon assuming office, the economist swore with a strong political message by stating that he accepted the position “for sustained progress towards good living, with equal opportunities, without distinction of gender, ethnic identity or sexual orientation, for democracy and national consensus. ”
The truth is that the assembly of Castillo’s cabinet caused a strong turbulence in the country. Especially when he appointed as prime minister Guido Bellido, an unknown 42-year-old government legislator who became the epicenter of the controversy after it was discovered that he issued repeated phrases homophobic and macho on their social media for the past few years.
Francke, a 61-year-old economics professor who has been advising Castillo since May, was the candidate for the job. He has even met, together with the now president, with investors and businessmen to mitigate the distrust generated in the market by the left-wing president.
However, the economic reality was strained because Francke was not sworn in with 16 other ministers on Thursday night. The reasons for the postponement were not disclosed, although there was a meeting of several hours during the early hours of Friday with Castillo.
The new officials avoided making statements and the press did not have access to the Grand National Theater where the swearing-in ceremony was held, which was broadcast on public television.
Francke, an economist who worked at the World Bank, assured that the government will respect private property, people’s savings and will continue to maintain the autonomy of the Central Reserve Bank “to ensure that investment in Peru does not skyrocket.”
Likewise, the new Minister of Economy estimated that income taxes could be raised of mining companies due to high copper prices, which exceed $ 10,000 per ton. Peru is the second world exporter of copper and the sixth of gold.
The political tension reached the financial market, where the dollar exchange rate rose more than 3%, exceeding four Peruvian soles per dollar, while the general index of the local stock market collapsed 5.8%. The rise in the dollar translates in everyday terms into the increase in the price of various staple foods.
Meanwhile, the lawyer Hannibal TorresAnother Castillo adviser, who was appointed justice minister, was also not included among the cabinet members who were sworn in on Thursday.
The jurist of 78 years would have manifested an initial disagreement over the appointment of the controversial Bellido, who is being investigated by the prosecution for “apology of terrorism”, since he allegedly defended the terrorist group Sendero Luminoso by calling them “Peruvians who mistakenly took a path” and paying homage to a member of that group died in 1982.