Peru’s new president confirms moderate as finance minister

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Peru updates

Peru’s new president Pedro Castillo has appointed a moderate leftist as his finance minister in a move that might go some way to calming markets after a turbulent couple of days.

In a late-night ceremony in Lima on Friday, Castillo confirmed former World Bank economist Pedro Francke in the post.

Francke had been widely expected to get the job — until Thursday, when Castillo unexpectedly named a hardline leftist, Guido Bellido, as his prime minister. That threw the ministerial appointments into doubt: moderates, including Francke, appeared to balk at the idea of working alongside Bellido.

When Castillo confirmed most of his cabinet on Thursday night, Francke was not there. He left the venue shortly before the swearing-in ceremony, raising questions over whether he had refused to take the job or had not been offered it. The post of finance minister was…

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