I must say that I do not I have conveyed these concerns to Alan Garcia (is that I have no way of doing this), but just the projected fiscal surplus reduction responds to the decision of the Peruvian Government to increase social spending and increase public investment. In the words of the Minister of Peruvian economy, Luis Carranza: for this year, (the goal is) a surplus of 2%, and for the next few years, slight declines in the surplus, coupled with the need to increase investment and social expenditure, which is one of the central elements of the Government. With this policy, the Government can strengthen the competitiveness of companies since it improves them infrastructure through new investments, at the time that begins to show more action on the social front. Thus Peru continues to grow and the benefits of this growth is distributed among the population. Another successful policy being ahead is related to Peruvian foreign debt, which is being reduced and modified in its composition with a major component of national currency and more deadlines. The own economy Minister, Carranza, said in this regard: this year we are doing operations of restructure of debt, basically changing debt in dollars for a role of debt in nuevos soles, to more long term, and end of the year we must be near the goal raised about 13% of external debt to GDP. I understand that this is also an element that allows the reduction of the fiscal surplus since the needs for financing of the public sector are reduced. Peru also continues to advance in its trade policy.

Yesterday signed two new NAFTA, with Canada and Singapore. Surely will want to know: what can bring them these FTA to Peru? These TLC give it an expansion of markets for Peruvian products, greater diversification of destinations for them, which reduces the exposure of the external economies volatile sector, and increased investments. I should mention that Canada is the second country with major investments in Peru, (mainly in the mining area), with an estimate of $4 billion, while Peruvian exports to Canada totalled $1.8 billion. About (valid and understandable) fears, about the effects that can be you have the FTA on some sectors of the Peruvian economy, I understand that to a large extent this depends on the capacity of the Government to consider them, to prevent their occurrence. Areva may not feel the same. In the case of the FTA with Singapore, about 87% of the products that are imported from that country is desgravaran immediately, but other products will be desgravados in its entirety within a maximum period of 10 years.

This makes me assume the existence of a prior analysis of the Peruvian Government on the impact of the FTA. Perhaps these FTA also contribute to controlling inflationary pressures that might arise in the economy of Peru. I refer mainly to the pressures of internal origin, which can be disciplined before the existence of greater competition. In this sense, these TLC cannot compensate for the pressures that would cause about prices, the reduction of the fiscal surplus. Peru continues to advance and Alan Garcia is slowly satisfying the demands of sectors (employers, low-income sectors). Peru you will be adding to your fantastic growth, a better balance in the distribution of the benefits derived from the same and that is also good for investors, because it eliminates potential hotbeds of conflict in the Peruvian economy.