Ministry of Economy and Finance (Peru)

History

On August 13, 1821, José de San Martín, president of Peru, created the General Secretariat of Finance along with the Chancellery, and the War and Navy Department. The first minister of Finance was Hipólito Unanue. On March 21, 1824, Simón Bolívar issued a decree in Trujillo reducing the three ministries to a single one, which would become the General Secretariat of Affairs of the Peruvian Republic (Secretaría General de los Negocios de la República Peruana), under Colonel José Gabriel Pérez. However, shortly thereafter, the Governing Junta repealed the decree, reestablishing the three ministries.

On March 2, 1969 the fundamental law of the Ministry of Finance, Law Decree Nº 17521, which gave the basis for the structure and function of the Ministry of Finance and on June 13, 1969 its name was changed to the current Ministry of Economy and Finance.

By the Law Decree Nº 23123 of July 9, 1980, the name of the ministry was changed again to the Ministry of the Economy Finance and Commerce and it was incorporated into the State Department of Commerce which belonged to the Ministry of Industry, Commerce, Tourism, and Integration. On January 30, 1985 the name was changed back to what it is today.

Organisation

• Dependent on the Vice Minister of Finance:
  • Directorate-General of Public Budget: Director of the National Public Budget Administrative System, with technical and regulatory authority at the national level, responsible for programming, directing, coordinating, controlling, and evaluating the management of the public sector budget process. It reports directly to the Deputy Minister of Finance.
  • Directorate-General of Public Accounting: The governing body of the National Administrative Accounting System, with technical and regulatory authority at the national level, responsible for issuing standards and establishing procedures related to its scope and ensuring their proper application, as well as preparing the General Accounting of the Republic and fiscal statistics. It reports directly to the Deputy Minister of Finance.
  • Directorate-General of Public Debt and Treasury: Director of the National Public Debt Administration System and the National Treasury Administration System, with technical and regulatory authority at the national level; responsible for proposing policies and designing standards and procedures for the integrated management of financial assets and liabilities, including the regulation of the handling of public funds and public debt.
  • Directorate-General of Public Resources Management: Responsible for conducting fiscal and financial analyses of proposed measures related to public sector remuneration and social security, and for formulating and proposing public policies on procurement, payroll management, and non-financial asset management, with the aim of promoting improved public management, in coordination with relevant public entities and in accordance with current regulations.
• Dependent on the Vice Minister of Economy:
  • Directorate-General of Macroeconomic Policy: Responsible for directing and coordinating the process of formulating the Multiannual Macroeconomic Framework.
  • Directorate-General of Public Revenue Policy: Responsible for evaluating, formulating, and proposing tax policy to simplify, restructure, and optimize the tax system and improve revenue collection at different levels of government; and for non-tax public revenue policy from the exploitation of natural resources and taxes allocated to regional and local governments.
  • Directorate-General of Public Investment: Responsible for designing policy guidelines for public investment. It also oversees the National Public Investment System (SNIP).
  • Directorate-General for Fiscal Decentralization and Social Affairs: Responsible for formulating and proposing policy, regulations, and other regulatory instruments, within its jurisdiction, related to fiscal decentralization within the framework of macroeconomic policy.
  • Directorate-General for the Development of Private Financial, Labor, and Social Security Markets: Responsible for proposing, directing, and formulating, within its scope of competence, measures to promote policies for the development of private financial, labor, and social security markets.
  • Directorate-General for International Economic Affairs, Competition and Productivity: Responsible for proposing, directing and formulating policy measures within its sphere of competence in the areas of foreign trade, competition and regulatory quality, as well as ensuring the consistency of economic integration processes with general economic policy.

Entities administered by the ministry include:

• Agencia de Promoción de la Inversión Privada (PROINVERSIÓN)
• Organismo Supervisor de las Contrataciones del Estado (OSCE)
• Superintendencia del Mercado de Valores (SMV)
• Superintendencia Nacional de Aduanas y de Administración Tributaria (SUNAT)
• Fondo Nacional de Financiamiento de la Actividad Empresarial del Estado (FONAFE)
• Banco de la Nación (BN)
• Oficina de Normalización Previsional (ONP)

List of ministers

References

References

1. (3 February 2025). "Peru names new finance minister". Latin Finance.
2. "Ministerio de Economía y Finanzas - Histórico - Relación de Ministros".
3. (2018-10-22). "Reseña histórica".