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Peru - Privatization Adjustment Loan, Privatization Technical Assistance Loan, and Pension Reform Adjustment Loan Projects (Inglês)

This is the Performance Audit report on three loans, Privatization Adjustment Loan (PAL), Privatization Technical Assistance Loan (PTAL), and Pension Reform Adjustment Loan (PRAL) projects in Peru. The three loans are assessed as satisfactory, and its sustainability is likely, with overall, substantial institutional development impacts. Lessons from the PTAL suggest minimizing political interference, to maintain budgetary independence, and, avoid paid bureaucracy within the privatization program, to ensure complete ownership from private participators, and provide as well adequate resources to the process. The parallel financing of technical assistance lending, and that of an adjustment operation, solidified the support for the privatization program. Similar lessons apply to the PAL, specifying that privatization should be as rapid as possible, to avoid potential political opposition, and in turn, ensure popular support to privatization. The PRAL lessons convey the need for flexible negotiations, in light of complex, and sensitive pension reforms, while maintaining firm commitment to the implementation of those reforms. Local market conditions should be considered prior to assuming reform models, to allow smooth working relations within the reform process.


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    Relatório sobre Avaliação do Desempenho do Projeto

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    América Latina e Caribe,

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  • Nome do documento

    Peru - Privatization Adjustment Loan, Privatization Technical Assistance Loan, and Pension Reform Adjustment Loan Projects

  • Palavras-chave

    Debt and Debt Service Reduction;access to international capital markets;Privatization;real rate of return;privatization program;exploration and development right;public support for privatization;foreign debt service payment;private pension fund;law and regulation;pension reform;institutional development impact;public pension system;Long Distance Call;national oil company;contingent liability;contingent liabilities;years of service;degree of commitment;trade policy reform;pension reform process;capital market reform;iron ore mining;cooperation and assistance;long distance service;expansionary fiscal policy;foreign exchange control;support privatization;multiple exchange rate;petroleum product price;structural adjustment loan;average fixed cost;value added tax;preparation for privatization;public sector price;rate of inflation;loss of job;Oil & Gas;hydrocarbon sector reform;financial sector adjustment;public sector deficit;Oil and Gas;mining sector privatization;state owned enterprise;project preparation grant;failure of conditionality;international financial institution;price of good;public sector debt;global financial crisis;investment commitment;



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