Peru announces $1.6 billion economic reactivation plan after protests

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(Reuters) - Peru will launch an economic reactivation plan at the cost of some 5.9 billion soles ($1.55 billion) after weeks of protests following the ouster of former President Pedro Castillo, the country's economy minister said Thursday.

The plan, to be financed with additional tax income and funds left over from the 2022 budget, will help bring Peru's economic growth to 3% in the first quarter of 2023, Economy and Finance Minister Alex Contreras said.

The push comes as protests and roadblocks have crippled trade and commerce in Peru, causing the country to lose around 100 million soles ($26.30 million) a day, Contreras said. Peru has yet to tally the cost of infrastructure damage, he added.

The total losses come to 1 billion soles, or 1% of Peru's December GDP, a ministry presentation showed.

The funds target the regions most impacted by the protests and are estimated to bring 130,000 jobs to the country over the next 12 months, Contreras said. The "rapid response plan" will roll out the measures over the next six months.

The measures include the expansion of social measures like pensions, soup kitchens and access to natural gas in homes. The plan will also expand public works on federal, state and local levels and invest in industry like mining and agriculture, Contreras said.

Peru is the world's No. 2 copper producer.

With the plan, called "Con Punche Peru," the Andean nation will maintain its growth estimate of 3.1% to 3.9% for 2023, Contreras said.

($1 = 3.8017 soles)