Saturday, May 29, 2004

Trouble Reading Peruvia? Press 'F11' key near top of your key board twice.

Peru to IMF/IMF to Peru: Reuters reports that Peru "submitted a draft letter of intent to the International Monetary Fund seeking a two-year standby loan and reiterating that it was on track for strong economic growth and was seeking to reduce its public debt," according to a draft of the letter on the Ministry of Economy and Finance's web site. According to the government, "the economy could expand even more than 4 percent this year." That is only 2% less than the president is polling at. The Economy Ministry said Peru would accept comments on the letter from Peruvians until June 4. Concurrently, the International Monetary Fund announced the completion of "the fourth program review under the Stand-By Arrangement for Peru."

VP Waisman in Africa: South Africa's Mining Weekly interviews Vice-President David Waisman's tour through that country with a focus of encouraging their involvement in Peru's mining industry, "across the entire spectrum from exploration to investment, opening and operating mines, supplying expertise, technology and equipment." Said Waisman, "Peru is a mining country par excellence, and we have exploited only 5% of our mining resources, with the other 95% still available for exploitation." Anglo American, Harmony, Gold Fields, and BHP Billiton are already present in Peru. Also included: Waisman's words on the impending royalties on mining operations saying that "the ore deposits in Peru, as most investors know from experience, are located in the poorest areas of the country," including Huancavilca. "After all, the rural poor (and their flocks) get their drinking water from rivers and streams, rely on natural grazing for their animals, and rely on their animals for food, diary products and clothing." Waisman had earlier been in South Africa for the second inauguration of President Thabo Mbeki. Mining Weekly also includes a Reuters article that focuses on the mining royalties and includes quotes from Congressman Jose Carrasco (APRA), Alejandro Ore and Jacques Rodrich (Pais Posible) as well as Victor Espinoza, president of the Pasco region.

No Airport Stike; Yes Port Strike: Reuters reports that "port workers will hold a three-day walkout starting on Monday to protest government plans to bring in private operators, but airport employees canceled their planned strike after reaching a deal with lawmakers, according to Congressman Mario Ochoa, president of the Transport Commission. The agreement was with the Peruvian Corporation for Airports and Aviation (CORPAC) and their union leader Sergio Salazar.

P-PK: "Massive Tax Evasion": Dow Jones reports reports that "Peru's new financial services tax or ITF, which went into effect in March, has turned up widespread tax evasion," according to the Minister of Economics and Finance Pedro-Pablo Kuczynski. For example, in April "the government detected 1,500 people who do not have government tax identification numbers but who carried out banking transactions for more than 1 million soles each a month."

Miss Peru: The Associated Press offered a better photograph of Liesel Holler, Peru's representative at the Miss Universe contest being held in Quito. (See also a promo page for Ms. Holler, an Associated Press group photograph from last week and, in Spanish, an article by El Peruano.)

Peruvian Sub in Excercise: The Associated Press reports on "one of the largest joint military exercises since 1996" called 'Exercise Blinding Storm' by the United States and 'Exercise Rapid Alliance' by the United Kingdom. "Dutch marines and French soldiers will take part, as well as a Peruvian submarine and contingents from Germany and Canada. The flotilla is expected to set sail Tuesday, with the two-week amphibious exercise scheduled to begin June 10."

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