The Superintendency of Banking, Insurance, and Private Pension Fund Administrators (SBS) of Peru has authorized financial entities to adjust the payment schedules of their credit clients, in order to align them with the new expected income flows due to the emergency generated by 'El Niño'.
According to what the agency indicated, these provisions are aimed at supporting individuals and legal entities with a solid payment history whose financial capacity has been "temporarily" affected by climatic phenomena.
The revisions of contracts will not be counted as refinancing operations as long as they respond to "exceptional and temporary events," do not stem from a structural deterioration of the debtor's financial situation, and respect the criteria and conditions set forth in the contracts.
"As part of the coordination for the adoption of measures in response to the possible impact of 'El Niño', we have been working with the Ministry of Production and have met with the Ministry of Agrarian Development and Irrigation and with the technical team of the Ministry of Economy and Finance," said the superintendent of SBS, Sergio Espinosa.