Peru returns to IMF and World Bank
On September 23, 1988, Peru returned to the IMF and the World Bank after years of estrangement, requiring an unprecedented rescue operation due to outstanding obligations exceeding US$1 billion. This decision was made in the midst of a deep economic crisis and social protests.
On September 23, 1988, Peru returned to the international financial community, explicitly to the IMF and the World Bank. This decision had been announced days before by Minister Abel Salinas Eyzaguirre on September 8, when the government admitted that contacts with international financial organizations would be initiated. The return demanded an unprecedented rescue operation, as the country's outstanding obligations exceeded US$ 1 billion. This return took place in the context of a serious economic crisis, after President Alan García Pérez admitted on September 13 that the government was wrong to maintain a consumerist policy with cheap gasoline, interest and dollars for too long, which ended up impoverishing the State.