Peru’s progressive presidential hopeful Roberto Sanchez has named a former economy minister to spearhead his economic policy team as he prepares for a June runoff election against conservative rival Keiko Fujimori.
Sanchez announced Monday that Pedro Francke, viewed as a moderate economist, will lead the technical committee responsible for developing key policy proposals including a review of resource extraction agreements, a 33% boost to minimum wage levels, and constitutional reforms.
The left-wing candidate barely qualified for the June 7 runoff after a prolonged month-long vote counting process from the initial election round, which faced delays due to logistical challenges and fraud allegations.
Financial markets have grown nervous about Sanchez’s increasing poll numbers, particularly given his proposals to examine mining agreements in Peru, one of the globe’s top copper-producing nations.
Francke previously held the economy minister position for half a year during 2021 and 2022 under leftist leader Pedro Castillo, playing a crucial role in reassuring financial markets during Castillo’s own electoral battle against Fujimori.
Castillo currently remains imprisoned on charges of rebellion and conspiracy following his brief presidency, which concluded with an unsuccessful attempt to disband Congress in 2022. He has publicly backed Sanchez’s campaign from behind bars.
During remarks at a Swiss embassy-hosted forum on informal mining in Lima, Sanchez indicated he would soon reveal his complete technical team roster along with a detailed agenda for his administration’s initial 100 days.
“We need a strong, social, market-based economy, not one of oligopolies and monopolies,” Sanchez said. “We are a truly popular government that wants to democratize rights, the economy, resources, and justice.”
When asked directly, Sanchez avoided confirming whether Francke might serve as economy minister if elected to office.
The progressive candidate also revealed that economist Oscar Dancourt, who previously directed Peru’s central bank between 2001 and 2005, has joined his economic advisory team.
