Peruvian lawmakers elected Jose Balcazar as the country’s new interim president on Wednesday ahead of general elections in April, making him the country’s eighth president in as many years.
Since 2018, Peru has cycled through a rapid succession of presidents, exposing a deep rupture between the executive branch and Congress and a fragmented party system unable to form lasting governing coalitions.
Balcazar, 83, replaces Jose Jeri, who was voted out of office by Congress after just four months following a scandal over undisclosed meetings with a Chinese businessman. Balcazar will also assume the role of head of Congress.
“I will defend the nation’s sovereignty, the physical and moral integrity of the Republic, and the independence of its democratic institutions,” Balcazar said during a brief swearing in ceremony late on Wednesday where he was presented with the presidential sash.
Lawmakers elected Balcazar over center-right legislator Maria del Carmen Alva by a 64-46 margin following an hours-long session. The vote came after none of the four initial candidates secured a simple majority in an initial round of voting, an upset for Alva, who had been considered the frontrunner.
Peruvians will head to the polls on April 12 to elect a new president, with a run-off vote expected in June.
Balcazar, a left-wing lawmaker, will remain in the post until the end of the current presidential term on July 28, when the elected president is due to take office.
BALCAZAR MUST NOW OVERSEE CREDIBLE ELECTIONS
Peru’s is the world’s third-biggest copper producer and its heavily mining-reliant economy has thus far shown resilience to political shocks, posting solid growth and relatively low inflation last year compared with many regional peers.
Still, Balcazar now faces a narrow and high-stakes mandate of steadying markets, preserving public order and overseeing credible elections.
“It is difficult to believe that Jeri’s substitute would fail to last until July; yet another change of president over the next five months would mark a new nadir in Peruvian politics,” said Nicolas Watson, managing director of consultancy Teneo.
The new caretaker government will likely operate under intense scrutiny from political rivals, civil society and investors wary of renewed turbulence.
Gino Costa, a former congressman who also served as interior minister under President Alejandro Toledo said the latest drama would unlikely have a negative impact on the markets or the elections.
“Nothing has changed, nor will it change, until July 28, when a new legislative and governmental term will begin as a result of the April 12 elections,” Costa said.
SUDDEN EXIT
Jeri became president in October after Peru’s unpopular Congress unanimously voted to remove his predecessor, Dina Boluarte. Right‑wing parties that had previously backed Boluarte withdrew their support amid corruption scandals and public frustration over rising crime.
Jeri’s tenure was quickly overshadowed by a series of controversies, including undisclosed meetings with Chinese businessman Zhihua Yang, who owns retail stores and an energy concession and was already under state scrutiny.
The now-former president apologized after the footage emerged and insisted that no wrongdoing had occurred.
