“Cowardice and no technical arguments”: unions attack the government for snubbing global investment funds

The controversy surrounding the government's snub, whose cabinet is headed by Denisse Miralles, former Minister of Economy, to the world's largest investment managers was compounded by the reaction of the Petroperú Oil Workers' Union Front (FSTPP), which accused the Executive of acting with “political cowardice” and of not having “technical arguments” to support Emergency Decree 010-2025, which paves the way for the privatization of the state-owned company. The statement comes after representatives of funds such as BlackRock, PIMCO, and Vanguard arrived in Lima on February 11 and 12 to hold meetings with the Ministry of Economy, Ministry of Energy and Mines, Proinversión, and Petroperú itself, in order to learn about the scope of the decree published by the censured José Jerí at the end of 2025. We are well aware that this snubbing of investors is symptomatic of a government that has lost its way and, in its desperation, is attempting to plunder the jewel of the Peruvian people: our oil company," reads the statement. Financial and reputational pressure. The snubbing of creditors continues to attract the attention of the international financial market. Petroperú is a company whose shares are 100% owned by the state, so any strain on its repayment capacity could have reputational implications for the sovereign, as Moody's stated in an interview with La República. Several of the funds that hold bonds from the oil company are also significant holders of Peruvian public debt. In this context, the political handling of the decree and the relationship with creditors is being watched cautiously by analysts and rating agencies.