LIMA, July 4 (BERNAMA-NNN-ANDINA) -- Economic growth has helped Peru triple its gross domestic product (GDP) in the past ten years, Peruvian President Ollanta Humala said at a seminar hosted by Latin American Development Bank (CAF) early this week.
The head of state said that based on these results, his country's Treasury wanted to make an impact on the social context, increasing social spending to fight poverty and inequality.
He made the remarks at the closing ceremony of the day-long "Updating the CAF strategy" conference in Lima on Monday. The gathering took place in a hotel in the upscale district of San Isidro, with the participation of finance ministers of various Latin American countries.
He noted that social investment or social spending increased the budget by 25 per cent in the first year of his government and by 33 per cent in the second year.
In the presence of First Lady Nadine Heredia, Finance Minister Luis Castilla and CAF President Enrique Garcia, Humala said that this state policy based on the distribution of the countryâ€™s newfound wealth bears fruit in reducing poverty and inequality, particularly in rural areas.
However, Humala recalled that when he took office in July 2011, he found a state designed to serve a minority, "but not everyone.
Therefore we planned to redesign the state. We have made progress in implementing reforms in the sectors of micro-mining, defence, interior and taxes and now we are proceeding with reforms in the civil service and health sector. It is about moving forward and build confidence," he said.