On the night of Wednesday, February 18, José María Balcázar, 83, became the new president of Peru, the eighth in a decade. With this, the return of the Peru Libre bench to power was completed just over three years since Pedro Castillo attempted a coup d’état. The legislator from Lambayeque, who won a seat by obtaining just over 6,000 votes, is in charge of leading a new transitional government until July.
In order to get some light on what your priorities will be from the Government Palace in these five months, Management reviewed his legislative production, both as an author of bills, as well as in his position as co-author.
The analysis highlighted a worrying position in one of the most critical issues in economic matters: the operation of the public company Petroperú. As recalled, at the end of last year, the Government of José Jerí published an emergency decree (010-2025) with economic and financial measures to carry out the patrimonial reorganization of Petroperú, highlighting, among other points, entrusting ProInversión with the process.
In this regard, the new president Balcázar promoted, as co-author, two bills to repeal this restructuring. This happened just weeks ago.
The first proposal, authored by María Agüero, his coreligionist, It was entered into Congress on January 9 and, the second, just three days later, with the main signature of Waldemar Cerrón, also a colleague in Perú Libre.
Both are waiting for their eventual debate in the Economy and Energy and Mines Commission.
In the field of hydrocarbons, It was also identified that he was a co-author in another legislative initiative to authorize Petroperú to sign permanent contracts for the exploitation of lots I, VI, and Z-69 (Talara, Piura) with Petroperú. This, despite the fact that the state oil company has severe financial problems that affect its operations.
Precisely, during these days, the financial statements of the state company in 2025 were known, showing that it had losses of almost US$ 470 million and, as of December 31, The company presented negative working capital, because current liabilities exceeded current assets by US$ 1,558 million (US$ 1,900 million as of December 31, 2024).
Risk materialization?
Asked on his first day in office about adjustments in Petroperú, Balcázar acknowledged that he does not handle the issue. He considered that it is a technical problem of the company and that it will be discussed with the advisors of the Executive and Legislative Branch. The head of state avoided specifying whether he is in favor of the restructuring.
“We must look for a comprehensive solution to the problem and not have some decisions that could raise suspicions. For that we need to sit down and talk with technicians, politicians and lawyers who can provide a solution,” he said in RPP.
For David Tuesta, former Minister of Economy and former director of Petroperú, This scenario where Balcázar is not forceful about avoiding making changes around the oil company and the history of bills identified by Management are a “very bad sign.”
“The probability that (Balcázar) will behave responsibly (with finances) is low. Although by trying to find some hope, there is also a mixed scenario (regarding decision-making in the restructuring),” he said.
The latter is supported by the fact that the president indicated that he will not only meet with the head of the Central Reserve Bank of Peru (BCRP), Julio Velarde, but that he will listen to him. In addition, he mentioned that he will evaluate the permanence of Denisse Miralles, the last Minister of Economy, Tuesta assessed.
But, on the other side, The panorama presents that Balcázar is a member of a group of parliamentarians who supported strong spending initiatives, although they do not have the power, according to the Constitution.
“He is part of the left wing of Congress that led to a serious situation of fiscal vulnerability. He also commented that there is a social debt with teachers, which is the VIP sector benefited by the Legislature. Salaries were doubled to S/ 3,300. The signal, in principle, is negative and questionable regarding fiscal responsibility,” he indicated. “If the objective is restructuring and reducing public spending, it would seem that it is not going to go that way,” he added.
Tuesta also questioned Balcázar’s statements regarding the palace communications he will maintain with Vladimir Cerrón, fugitive presidential candidate of Peru Libre.
What bills did he present directly?
Now, Gestión also identified that Balcázar had registered, at the close of this report, the presentation of 36 bills since he was part of Congress in 2021, with impact in more than 10 areas. This gives an average of seven proposals per legislative year.
Almost the majority (66%) showed a personal interest in the creation of universities, public institutes and even professional associations. In this entire universe, a bill that draws attention is the one that seeks to repeal the current pension reform (12459/2025-CR), presented in September of last year. It is currently in the commission stage.
Added to this is an initiative that proposes adjustments related to providing parliamentary immunity to deputies and senators, so that their criminal prosecution no longer depends, initially, on the Judiciary, but on Congress itself (08907/2024-CR). This is one of the three initiatives that is on the plenary agenda.
The other two measures are declarations of national interest for the creation of a national university in Olmos and a public technological higher education institute in Mórrope, both in Lambayeque.
Of the total of 12 proposals that were published in El Peruano, 11 are related to higher education entities, either for their creation or to create a budget statement for them.
The remaining bill that was published is a resolution for the election of magistrates of the Constitutional Court. This, in turn, was the first measure that was introduced in September 2021.
