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(Bloomberg) — Peru’s new president in a surprise move appointed Denisse Miralles as prime minister on Tuesday, almost a week into his abridged term, despite saying just days ago that he planned to name a different economist to the post.
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Interim President Jose Maria Balcázar, 83, announced he was going to appoint prominent economist Hernando de Soto to head his cabinet. Instead, he appointed Miralles, who served as finance minister under the recently ousted Jose Jeri, while de Soto was nowhere to be seen during the ceremony.
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As recently as Tuesday afternoon, de Soto had confirmed his role, saying everything was “smooth sailing,” according to remarks reported by local media.
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De Soto “presented us with a valuable and ambitious government plan, but which was impossible to reach the necessary consensus on to move forward due to the administration’s short and transitional nature,” the presidency said in a statement on its X account. The economist will be called on to address specific matters, however, according to the statement.
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The unexpected change is symptomatic of Peru’s turbulent political leadership as Balcázar himself became the country’s ninth president since 2016. His three most recent predecessors were removed from their roles by Congress, with Jeri lasting four months.
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Balcázar, a left wing lawmaker chosen as president six days ago, had not formally appointed a cabinet when leaders usually swear in their ministers on their first or second day in power. The delay had not triggered a market reaction because investors are used to Peru’s high rate of presidential turnover and the accompanying power vacuums.
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Miralles, who is well regarded by investors, is joined in the cabinet by her former deputy minister Gerardo Lopez, who takes over her post as finance minister. Angelo Alfaro becomes the new energy and mines minister.
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Balcázar reappointed Hugo de Zela as foreign minister, at a time when Peru is trying to navigate its relationships with both the US and China while the Trump administration pressures Latin American countries to pick a side.
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The current presidential term only runs for five months as Peruvians will soon vote for a new president to take over in July.
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