Peru’s new cabinet transfers funds to municipalities

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LivinginPeru.com
Isabel Guerra

Peru’s recently appointed Cabinet, led by Premier Javier Velasquez Quesquen, has just transferred S/. 492 million soles to municipalities across the country, reported Minister of Women and Social Development, Nidia Vilchez.

"This is for the implementation of water and sanitation projects," she said.

Minister Vilchez explained that this decision  is a governmental response to the drop of the General Sales Tax (IGV) revenues, that has affected the Municipal Compensation Fund (Foncomun).

Foncomun is the main source of funding for local governments.

“Two thirds of the national budget are being invested in the country’s provinces, and therefore only one third of these resources are in hands of the central government," said Vilchez to RadioProgramas del Peru.

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