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Belgian export credit agency (ECA) ONDD has eased its policy on Peru for export transactions with a credit period exceeding one year (medium and long term) and special transactions payable on a cash basis.
The ceiling for these transactions has been increased from €
300mn to €
450mn. The premium category for medium and long-term transactions remains unchanged within the framework of the OECD Arrangement (category 4 out of 7) but the premium category for special transactions lowers from 3 to 2.
The Peruvian economy has registered a high growth over recent years, which has been largely boosted by the foreign sector. Budgetary strictness is still in force and inflation is under control. The starting up of new mining projects has led to a strong growth of exports.
This has structurally changed the current account of the balance of payments, which was traditionally in deficit and which is henceforth balanced, says ONDD. As a result of the growth of the economy and of the exports, the debt ratios considerably improved, it claims. The most important uncertainties concern the political situation, although it is expected that incumbent President Toledo completes his term of office and that the policy which will be adopted after the April 2006 elections complies with the current consensus, ie, the observance of a prudent line of conduct, the ECA adds.