Declaration of ineligibility of Peru by the IMF
The IMF declared Peru ineligible on August 15, 1986 due to a default of US$160 million in financial obligations. President Alan Garcia Perez responded by calling for national unity to defend the country against this decision.
The International Monetary Fund (IMF) declared Peru ineligible on August 15, 1986. The IMF's decision was taken in view of Peru's default on its financial obligations to the Fund, which up to that day amounted to US$160 million. One day later, on August 16, President Alan Garcia Perez called a rally and appealed for unity among all Peruvians to "defend the country from the same trenches against the IMF agreement". This statement was made in the context of the economic policy of the García government, which had previously announced that it would use only 10% of export revenues for the payment of the foreign debt. In October, during the XII Meeting of the Latin American Economic System (SELA), Peru received expressions of solidarity against this declaration of ineligibility.