Peru’s government aims to “aggressively” reduce foreign debt this year in a bid to earn an investment-grade credit rating, Finance Minister Luis Carranza said. Peru plans to pay USD 1.1 billion of World Bank and Inter- American Development Bank debt ahead of schedule, from July through September. It’s the Andean country’s third debt operation this year, Carranza said in a Bloomberg Television interview. President Alan Garcia’s government took advantage of surging economic growth, low inflation and the strongest exchange rate in a decade to retire and buy back almost USD 1.4 billion in debt earlier this year. It seeks to become Latin America’s third major economy with an investment-grade rating. (Bloomberg)
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