LIMA, SEPTEMBER 23 2021 Minister Francke proposes to promote the mechanism of Works for Taxes with support from the mining sector

This was stated by the head of the MEF at the central event of Heading to PERUMIN, organized by the IIMP.

Pedro Francke, the Minister of Economy and Finance (MEF), said that his administration is open to working jointly with the Peruvian mining sector in order to close infrastructure gaps in the country, through the mechanism of Works for Taxes (OxI).

"We have the Works for Taxes mechanism that can be very useful for mining companies to quickly help resolve the works and the needs of the surrounding communities and districts. This instrument gives opportunities for the State, through the MEF, and the mining industry to work together much more," he said.

During his participation in the closing ceremony of Heading to PERUMIN - Bicentennial Edition "Competitive and sustainable proposals for the development of Peru", the head of the MEF also highlighted the contribution of the mining sector to the country's economy.

"Mining has contributed and continues to contribute to economic growth and has made many social and environmental advances; it is also much more aware of not only responding to its shareholders, but also to the surrounding communities," he said.

Peru’s challenges

At the central event of Heading to PERUMIN, Pedro Francke acknowledged that in the last two decades our country has registered a good level of economic growth, ranking first in the region in this aspect; therefore, a first great challenge will be to maintain this growth.

"Clearly the great national problem is social gaps, inequalities and poverty. In many regions, provinces, districts, there are still a large number of villages where there is no drinking water, electricity, health services or connectivity," he said.

He also emphasized that another challenge for Peru includes solving the social-political conflict and the high level of corruption. "Corruption feeds inequality, inequality feeds social conflict. Unfortunately, the desire of some politicians to seize power is not due to a positive desire to do things, but to enrich themselves personally", he said.

Mining vision

During his presentation at the closing of Heading to PERUMIN, Minister Pedro Francke also shared his vision on mining, of which he said is made up of a group of actors, including mining companies, where the private sector has the essential role in production, and where there is a multi-stakeholder collaboration.

Moreover, the head of the MEF recalled that recently, together with President Pedro Castillo, he held meetings with executives of international mining companies such as Grupo Peñoles, Newmont, Freeport, AngloAmerican and Rio Tinto.

Newsletter PERUMIN 35

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