Humala sworn in as president of Peru

July 28, 2011 at 10:39 PM
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LIMA, July 28 (UPI) -- Ollanta Humala did the expected as he was sworn in Thursday as president of Peru and announced increases in the minimum wage and old-age pensions.

Humala, a left-of-center politician who ran for president on a more centrist platform, announced the creation of a new department, the ministry of development and inclusion, The Wall Street Journal reported. He said wealth in the country needs to be more evenly distributed.

But the president also promised to continue economic policies that have kept Peru growing for more than a decade, the Journal reported. He said he would maintain "healthy economic growth and macroeconomic standards" and show "respect for the fiscal rules to confront external crises or natural disasters."

Business analysts told the Journal they found the president's inaugural speech reassuring.

"Mr. Humala's speech contained what was expected, and most importantly didn't include any radical changes, which should be a positive for markets and adds credibility to what he has been saying since the June 5 run-off vote," said Cesar Perez, managing director with Celfin Capital.

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