Latest news with #RaulPerezReyes
Bloomberg
01-07-2025
- Business
- Bloomberg
Latin America's Top Performer Peru Sees 2025 Outlook Worsening
Peru's government further cut its expectations for 2025 growth following disappointing economic activity results and global turbulence. Finance Minister Raul Perez-Reyes said Tuesday that he now hopes the economy will grow between 3% and 3.5% this year. That's down from a specific target of 3.5%, which earlier in the year was 4%.
Epoch Times
27-05-2025
- Business
- Epoch Times
World's 75 Poorest Countries Owe China $22 Billion This Year: Think Tank
The world's 75 poorest countries are set to make debt repayments of $22 billion to China this year, according to a 'Debt service flows to China from developing countries will total $35 billion in 2025 and are set to remain elevated for the rest of this decade,' the Sydney-based Lowy Institute, which receives funding from the Australian Department of Foreign Affairs and Trade, said in the report. 'The bulk of this debt service, some $22 billion, is owed by 75 of the world's poorest and most vulnerable countries.' The report comes as Peruvian Economy Minister Raul Perez Reyes met with China's ambassador to Lima, Song Yang, to discuss a new regional rail corridor that would terminate in the new port of Peru's Ministry of Economy and Finance said in a The Peruvian government said Fei Dongbin, head of the China National Railway Administration, and several other Chinese Communist Party (CCP) representatives were also present at the meeting. The proposed railway would connect Brazil to Chancay, on Peru's Pacific coast, creating a trade route that would avoid Chinese ships having to travel through the Panama Canal, or around the southern tip of South America. Related Stories 5/25/2025 5/23/2025 China has given huge loans for infrastructure projects in many parts of the world, under Chinese leader Xi Jinping's Belt and Road Initiative (BRI). The program has underwritten the building of huge ports such as The Lowy Institute said, 'Now, and for the rest of this decade, China will be more debt collector than banker to the developing world.' The report said that Beijing has transitioned from capital provider to net financial drainer on developing country budgets as debt servicing costs on BRI projects from the 2010s now far outstrip new loan disbursements. In 54 of 120 developing countries from which there were available data, debt service payments to China exceeded the combined payments owed to the The Paris Club is owed a total of $616 billion by 102 countries. The report said China was prioritizing funding for neighbors such as Pakistan, Mongolia, and Kazakhstan, and also countries that provided important raw materials, such as the Democratic Republic of Congo, Indonesia, Brazil, and Argentina. 'Beijing faces a dilemma: pushing too hard for repayment could damage bilateral ties and undermine its diplomatic goals. At the same time, China's lending arms, particularly its quasi-commercial institutions, face mounting pressure to recover outstanding debts,' the author of the report, research fellow Riley Duke, said. 'How China's shift to chief debt collector will impact its reputation as a development partner and its broader messaging around South-South cooperation remains to be seen.' He said highly indebted African states were often wary of rocking the boat and risking the loss of access to Chinese financing and trade. 'An increasingly transactional United States and distracted Europe have also likely fed a narrowed sense of their potential future economic pathways,' Duke added. The report pointed out that BRI loans often seemed to come with strings attached, especially when it came to adhering to the CCP's 'One China' policy. Honduras, Nicaragua, the Dominican Republic, Burkina Faso, and the Solomon Islands all received big loans within 18 months of dropping diplomatic recognition of Taiwan. With China increasingly reining in BRI loans, Peru might find it harder to secure funding for the CFBC, which Lima described as a 'megaproject that would redefine South American regional integration.' Reyes said, 'We are willing to co-finance our part of the tranche.' The CFBC would link Lima with the city of Pucallpa in the Peruvian interior, and then across the border to Cruzeiro do Sul in Brazil, and via Vilhena, to the major metropolises of Sao Paulo and Rio de Janeiro.
Reuters
26-05-2025
- Business
- Reuters
Peru seeks high-level meeting with China, Brazil to advance bi-oceanic railroad
LIMA, May 26 (Reuters) - Peru's economy ministry said in a statement on Monday that the country will seek a high-level meeting with China and Brazil to advance a planned bi-oceanic railway project. Economy Minister Raul Perez Reyes met with China's ambassador to Peru, who told him a meeting between the countries' leaders would help define a joint roadmap for the regional rail corridor, according to the statement. The proposed railway would connect Brazil to a new port on Peru's Pacific coast, creating a trade route with China that would allow it avoid routes going through the Panama Canal and around the southern tip of South America.
Bloomberg
13-05-2025
- Business
- Bloomberg
Peru Surprisingly Changes Finance Minister Ahead of PM Censure Vote
Peru's unpopular President Dina Boluarte surprisingly replaced her finance minister who had been on the job less than four months. Boluarte on Tuesday appointed Raul Perez-Reyes, replacing now-former Finance Minister Jose Salardi with a loyal top official who has previously served in two other cabinet roles.
