Peru Partners with OECD for Public Finance Strengthening

By Espinosa Bellido Abogados

The Ministry of Economy and Finance of Peru has announced that the Organisation for Economic Co-operation and Development (OECD) will provide technical advice for the implementation of good international practices so as to strengthen and consolidate public finances management in Peru.

The incorporation of the best international practices in public finances will enable Peru to comply with OECD recommendations for its accession process.

This body will provide advice via workshops, as well as expert and official guidance, alongside monitoring the implementation process of public financial management reforms.

The Technical Advisory Agreement supported by the Swiss Economic Cooperation (SECO) and the OECD will serve to provide the Peruvian public sector's financial administration with guidance, exchange of experiences, and dialogue with other countries that currently make up the OECD.

Peru became an OECD accession candidate in 2022. The roadmap for the country’s accession process was formally adopted at the OECD Council at Ministerial level in June 2022.

Peru was among the first countries to engage with the OECD through a country programme built on five key areas: economic growth, governance, anti-corruption, human capital and the environment. Since 2018, Peru has been implementing an Action Plan to support its reform agenda, drawing on OECD legal instruments, bodies, and evidence-based analysis.

Foreign Affairs Minister Javier Gonzalez-Olaechea recently affirmed that Peru will have completed the process of joining the OECD by the end of 2026.