Nearshore Americas

Peru’s Castilla Heralded as Top Finance Minister


Emerging Markets, a London-based magazine, has named Peru’s Finance Minister Luis Miguel Castilla as Latin America’s Finance Minister of the Year.

“Peru is keeping on course with reforms that are likely to boost public revenues, and is on track to post a fiscal surplus of over 1% of GDP this year,” the magazine said.

The award recognizes the foresight and the hard work of policy makers in the region. The winners are selected by an editorial team selected specifically by the magazine. The magazine has also taken into account opinions of industry experts and economists.

The journal expects Peru’s mineral taxation to boost public revenues by $1 billion a year or 0.5% of GDP, while preserving competitiveness of the sector that makes up 11% of the economy and three-quarters of its exports.

On the macroeconomic front, the IMF expected economic growth to slow to 5.5% this year, after 6.7% last year and 8.8% in 2010. Peru is expected to post a fiscal surplus of 1.1% in 2012, having taken action last year to withdraw economic stimulus worth 2.25% of GDP.

Educated in North America, and bilingual in Spanish and English, Miguel Castilla holds a B.A. with Honors in Economics and Business Administration from the McGill University in Montreal, Canada, a Master and a Ph.D. in Economics from the Johns Hopkins University in Baltimore, Maryland, and has taken a course in the Global Crisis and Financial Reform Program at Harvard University.

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Before moving into politics, Castilla worked in the Andean Development Corporation (CAF) and also consulted for the World Bank.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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