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Report: Peru names new economy, finance minister amid political chaos

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Report: Peru names new economy, finance minister amid political chaos

Maria Antonieta Alva, the general director of public budget at Peru's finance ministry, will become the country's new economy and finance minister, government sources told Gestión.

The Peruvian daily earlier reported, citing sources from the presidential palace, that Carlos Oliva had resigned as economy and finance minister. Oliva assumed the role in June 2018 and was, at the time, Peru's fifth finance minister in the past 12 months.

The reported change in President Martin Vizcarra's cabinet comes just days after he dissolved the country's opposition-run Congress and scheduled new legislative elections for January 2020. The president said legislators had repeatedly blocked his anti-graft reforms, adding that he considers the body's recent appointment of a new Constitutional Tribunal justice as a vote of no confidence in his administration.

Opposition lawmakers in response named Vice President Mercedes Araoz as the country's interim leader, but she refused the role and resigned her vice presidency in hopes that Peru will see "general elections as soon as possible."

According to an Oct. 2 press release from Peru's government, S&P Global Ratings and Fitch Ratings have said they are not changing their sovereign ratings on the country as macroeconomic policies remain credible and consistent despite the political chaos.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.