cardo LUNA
chancery:
1700 Massachusetts Avenue NW, Washington, DC 20036
telephone:
(202) 833-9860 through 9869)
consulates general:
Chicago, Houston, Los Angeles, Miami, New York, Paterson (New Jersey), San
Francisco, and San Juan (Puerto Rico)
US diplomatic representation:
chief of mission:
(vacant); Charge d'Affaires Charles H. BRAYSHAW
embassy:
corner of Avenida Inca Garcilaso de la Vega and Avenida Espana, Lima
mailing address:
P. O. Box 1991, Lima 1, or APO AA 34031
telephone:
[51] (14) 33-8000
FAX:
[51] (14) 31-6682
Flag:
three equal, vertical bands of red (hoist side), white, and red with the
coat of arms centered in the white band; the coat of arms features a shield
bearing a llama, cinchona tree (the source of quinine), and a yellow
cornucopia spilling out gold coins, all framed by a green wreath

*Peru, Economy

Overview:
The Peruvian economy is becoming increasingly market oriented, with a large
dose of government ownership remaining in mining, energy, and banking. In
the 1980s the economy suffered from hyperinflation, declining per capita
output, and mounting external debt. Peru was shut off from IMF and World
Bank support in the mid-1980s because of its huge debt arrears. An austerity
program implemented shortly after the FUJIMORI government took office in
July 1990 contributed to a third consecutive yearly contraction of economic
activity, but the slide halted late that year, and output rose 2.4% in 1991.
After a burst of inflation as the austerity program eliminated government
price subsidies, monthly price increases eased to the single-digit level and
by December 1991 dropped to the lowest increase since mid-1987. Lima
obtained a financial rescue package from multilateral lenders in September
1991, although it faced $14 billion in arrears on its external debt. By
working with the IMF and World Bank on new financial conditions and
arrangements, the government succeeded in ending its arrears by March 1993.
In 1992, GDP fell by 2.8%, in part because a warmer-than-usual El Nino
current resulted in a 30% drop in the fish catch. Meanwhile, revival of
growth in GDP continued to be restricted by the large amount of public and
private resources being devoted to strengthening internal security.
National product:
GDP - exchange rate conversion - $25 billion (1992 est.)
National product real growth rate:
-2.8% (1992 est.)
Natio