Castillo in Peru appoints Marxist party member as prime minister, likely scares investors – .

Castillo in Peru appoints Marxist party member as prime minister, likely scares investors – .

Peru’s new president, Pedro Castillo, addresses lawmakers and guests at the opening day of Congress in Lima, Peru, July 28, 2021. Peruvian Presidency / Document via REUTERS

LIMA, July 29 (Reuters) – Peruvian President Pedro Castillo on Thursday appointed Guido Bellido, a member of his Marxist party, as prime minister, a move likely to further scare investors wary of a new left-wing government that will have to also face resistance in Congress.

Bellido, an elected member of Congress, is a member of the self-proclaimed Marxist-Leninist Free Peru Party, with which Castillo won the presidency this year.

His appointment underscores the influence Free Peru will have on Castillo’s administration, which is set to end in 2026. Castillo, including in his inaugural address on Wednesday, has often attempted to adopt a moderate tone on economic issues, even if party members double down. on the far left messaging.

Still, Bellido and the rest of the cabinet will need to be confirmed by the opposition-led Congress, where Bellido’s left-wing stance is expected to face stiff resistance. The majority of Congress votes are held by the center and right-wing parties.

Bellido’s swearing-in took place in the southern Andean city of Ayacucho, where Castillo, the son of Andean peasants, won by a landslide.

Bellido, 42, from the neighboring Andean region of Cuzco, spoke in the indigenous Quechua language as part of his swearing-in ceremony. He is little known in Lima-centric political circles and has a master’s degree in economics, most recently working for the Peruvian government statistics. INEI agency.

Bellido’s appointment is likely to further scare investors who were hoping Castillo would look away from his far-left party for political leadership.

The Peruvian stock market and the sol currency have fallen since Castillo became the likely winner of the election, although the key finance ministry post remains vacant.

Sources told Reuters the post would likely be filled by Pedro Francke, a moderate left-wing economist.

The Peru Free Party is led by Vladimir Cerron, a neurosurgeon and Marxist who is an admirer of the governments of Cuba and Venezuela. Cerron was unable to run for president or take on a cabinet role due to past corruption charges.

Report by Marco Aquino; edited by Diane Craft and Nick Macfie

Our Standards: The Thomson Reuters Trust Principles.


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