Government establishes measures to protect the stability of microfinance institutions

The effects of the pandemic, social conflicts and the impact of climatic phenomena such as Cyclone Yaku in different regions of the country have caused a drop in commercial activity and consequently, mypes and companies have decreased the ability to pay their obligations against its suppliers and financial system entities. Taking this scenario into account, the Government has issued temporary measures to protect the financial stability of microfinance institutions.

Through emergency decree 013-2023, the Program for the strengthening of the assets of institutions specialized in microfinance is created with financing that amounts to S/479 million, where the Municipal Savings and Credit Funds (CMAC), and the Municipal Fund de Crédito Popular de Lima (CMCPL) are eligible to participate as long as they meet the access conditions and commitments established in the operating regulations.

The Superintendency of Banking and Insurance (SBS) will have a period of 30 business days to present the operating regulations of said program. While interested financial entities have until June 30, 2024 to apply.

In addition, payment facilities are available to companies that have accessed the Reactiva Peru program. In the case of credits granted for an amount equal to or greater than S/750,000 and up to S/10 million, a drop in the level of sales greater than or equal to 30% must be demonstrated in the fourth quarter of 2022 in relation to the fourth quarter of 2019.