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Reactiva Peru: Interest rate for new rescheduling will be up to 17%

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The Ministry of Economy and Finance (MEF) and COFIDE issued a statement to specify the conditions under which the new rescheduling of credits granted under the Reactiva Peru program will take place, which seek to provide relief and support beneficiary companies who have not yet recovered the normal rhythm of their activities.

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In this sense, the companies of the financial system (ESF) to be reprogrammed, with their own resources, the credits guaranteed with the Program. In this way, this new refinancing will not be with funds from the Central Reserve Bank of Peru (BCRP). However, the National Government guarantee granted at the beginning of the Program will be maintained.

“In this way, micro and small businesses (MYPE), as well as larger companies with falls in the level of sales greater than or equal to 30% in 2021 compared to 2019, were enabled to request from the ESF that granted the credit for its rescheduling, these being the ones in charge of evaluating and approve rescheduling by determining the interest rate for each creditand verifying that the beneficiary company of the program meets the necessary requirements to access the rescheduling scheme”, both entities stated.

Likewise, the MEF clarified that the current rescheduling scheme considers a limit to the interest rate based on the maximum rates obtained in the auctions of programs with guarantees from the National Government oriented to the MYPE (as is the case of the PAE MYPE, FAE AGRO, FAE TOURISM), while the reprogramming rate is up to 17%, and may be less than this.

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“The average rates for MYPE in the financial system under market conditions before the pandemic, were around between 35% and 45% per year for operations in national currency, levels that are maintained today, amid strong pressures. upward both in the international credit markets and at the local level as a result of a global inflationary context and international conflicts, for which the maximum level established for rescheduling turns out to be less than half of the rates in force in the system”, added the MEF and COFIDE.

It is important to remember that Reactiva Peru’s credits were initially approved with a grace period of up to 12 months, and 24 months for repayment, but then the rescheduling of the credits was approved and, now, a new rescheduling has been authorized that applies both to those companies that have or do not have this prior benefit of their loans under the Program, granting a grace period of up to 24 months, additional time to the original grace period and in the case of companies in the tourism sector of up to 36 months.

“To date, no rescheduling has yet taken place. The Ministry of Economy and Finance, COFIDE and the Entities of the Financial System are completing the operational implementation required to proceed with the rescheduling of the credits of the Peru Reactive Program”, the statement concludes.

Source: Larepublica

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