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2h ago

Peru’s Top Court Gives MEF 60 Days to Rewrite Agrarian-Debt Bond Payout Rules

The court upheld valorista valuation by striking down the 2017 formula as unconstitutional.

Tribunal Constitucional da plazo de 60 días al MEF para establecer pago de bonos de la deuda agraria
El fallo reabre el camino para saldar una deuda histórica originada en la reforma agraria.

Overview

  • The Constitutional Court ordered the Ministry of Economy and Finance to issue a Supreme Decree within 60 days creating a new update methodology and an administrative process for registering and paying agrarian-debt bonds.
  • The ruling declared Annex 1 of Supreme Decree 242-2017-EF inapplicable and stated that nominal calculations that depart from valorista criteria are confiscatory and unconstitutional.
  • The court granted an amparo brought by Mónica Jimena Burga Fernández, annulled a 2021 resolution by the Lambayeque civil chamber, and ordered the State to pay case costs.
  • Bondholder representatives said the previous MEF formula drastically reduced bond values, in some cases to zero, and they view the decision as enabling fairer calculations.
  • Advisers say that, if the MEF issues the decree as ordered, an administrative scheme could allow beneficiaries to choose payment form, while Congress’s Economy Committee has advanced a bill to restore such a procedure.