Peru: In a day of dramatic political events, the Peruvian Congress swore in a new president on Wednesday. The previous president, Pedro Castillo, was removed from office in an impeachment hearing just hours earlier.
With 101 votes in favour of dismissing Castillo, six against, and 10 abstentions, parliamentarians went through with the already scheduled impeachment trial, ignoring Castillo’s attempt to close the house by decree.
After the outcome was announced to raucous applause, Vice President Dina Boluarte was appointed by the legislature.
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Peru’s first female President
Boluarte became Peru’s first female president when she was sworn in to office through 2026.
To resolve the problem, she called for a political ceasefire and announced the formation of a new government that would include members of all political parties.
Castillo’s decision to dissolve Congress was denounced by her as a “attempted coup.”
Following the vote to have Castillo removed, the national police of Peru posted a picture showing him sitting unfettered at a police station on Twitter and said that it had “intervened” to carry out its duty. Castillo was referred to as the “ex-president”. It wasn’t known if he had been arrested.
Castillo had earlier declared he would temporarily dissolve Congress, establish a “government of exception,” and call for fresh elections for the legislature.
Key ministers from Castillo’s administration resigned as a result, and the opposition and its allies claimed there had been a “coup.” He was told by the military and police that the method he had used to try to dissolve Congress was illegal.
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Unlucky for the third time
Years of political unrest in Peru have seen numerous leaders accused of corruption, numerous efforts to remove them from office, and shortened presidential mandates.
The most recent legal dispute started in October when Castillo was charged with violating the constitution by allegedly directing “a criminal organisation” to profit from governmental contracts and impeding investigations.
Castillo was called before Congress last week to answer claims of “moral incompetence” for office.
Castillo referred to the accusations as “slander” made by organisations hoping “to capitalise on and seize the authority that the people lost at the polls.”
Since he took office in July 2021, the left-leaning teacher-turned-president has resisted two prior attempts to remove him from office.
However, following his effort to dissolve Congress on Wednesday, his friends turned against him, his ministers resigned, and regional countries emphasised the importance of maintaining democratic stability.
The U.S. ambassador to Peru, Lisa Kenna, wrote on Twitter, “The United States categorically rejects any extra-constitutional act by President Castillo to prevent Congress from fulfilling its mandate.”
The unrest shook the markets in the No. 2 copper producer in the world, but analysts claimed that Castillo’s ouster could be good news for investors given he had been up against a hostile Congress since taking office.
At its session low, the Peruvian sol plummeted more than 2% versus the dollar before recovering somewhat to trade down 1.4%.
Because of strong internal fundamentals, Peru’s financial markets will suffer but not collapse, according to Andres Abadia of Pantheon Macroeconomics.
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