(Bloomberg) -- Peru’s unpopular President Dina Boluarte gave a five-hour speech on Sunday, promising that her government will launch an array of infrastructure projects nationwide to boost its economy.
Boluarte, who is logging single-digit approval ratings, addressed Peruvians on Independence Day, an annual holiday where the president traditionally delivers a speech from congress. Her speech was longer than any in recent memory, reading it from a podium with a thick stack of unbound papers. Many lawmakers left or did not attend the speech, which was broadcast on national TV.
Boluarte said she is particularly focused on building seven railroads across the country that can help increase the country’s agricultural and mining exports to take advantage of the new Chancay port. The $1.3 billion container port is owned by Chinese state company Cosco Shipping and set to be inaugurated in November. Once in operation, it will reduce travel time to Asian markets by creating a direct route from South America’s Pacific coast.
While building the new railways to feed Chancay can take many years, Boluarte wants to expedite the process by creating a brand new infrastructure ministry, she said, a new announcement that will require congressional approval.
Peru’s economic recovery has gained steam recently after it fell into a recession last year. Boluarte said she is now optimistic the economy can grow above the government’s 3.1% estimate for 2024, after growing 5% in the two most recent monthly prints.
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