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Peru, host nation of the XLVI Annual Felaban Assembly, has registered a year-on-year 7% growth in its GDP in June, achieving with it 6% growth for the first two quarters of 2012. Over the same period, other important economies such as those of Mexico, Chile, Colombia and Brazil, have registered levels of growth, which while lower than that of Peru, have surpassed analysts’ expectations.

In another area, Moody’s I n ve s to r s S e rv i c e h a s upgraded Peru’s sovereign long-term bond ratings from Baa3 to Baa2. According to Moody’s, the improvement in rating reflects factors such as the country’s reduced susceptibility to political e ve n t r i s k , c o n ti n u i n g a n d r o b u s t e c o n o m i c growth and sound fiscal performance, improvements of government debt metrics a n d a re d u ce d l eve l o f exposure to debt in dollars.

Colombia has enjoyed similar luck. Standard & Poor's revised said country’s credit rating outlook from “stable” to “positive” and ratified its investment grade. “The effective implementation of fiscal reforms could improve the financial profile of Colombia by reducing its debt and interest burdens,” S&P declared in a press release.

Equally important are the improvements in rating afforded Bolivia by S&P and Moody’s in May and June of this year respectively, along with those afforded Panama (S&P) and Uruguay (Moody’s) in July.

All of this is nothing more than the reflection of the sound economic policies implemented by several countries in the region, policies through which their ability to react in the face

of severe global economic crisis is proven. Another issue worth highlighting is the healthy state of the banking and financial systems. This is possible thanks to sound management by governmental authorities and the high standards of quality and compliance of supervision and regulation of regional financiers. Certainly local banks have shown themselves to be not only prudent, but also creative in their design of products and financial services appropriate to the reality they find themselves in.

In general, the levels of international reserves, the flexibility of the exchange rates, the stability of public finances, greater diversity of export markets are a few of the reasons which encourage us to believe that Latin American economies are able to absorb major negative external shocks without their medium term economic growth being compromised.

The global economic crisis shows no sign of weakening threatening, in fact, to deepen. In spite of this unfavourable background, Latin American economies continue to demonstrate their strength.

On the AgendaSchedule your involvement in the main events of the XLVI Annual Felaban Assembly, Lima 2012.

Saturday 1711.00 Registration begins, on the ground floor of the Westin Hotel.

Sunday 1811:00 - 11:45 “The eyes of the World on Latin America”. Presented by Christopher Harvey

of Deloitte & Touche.19:00 Opening Cocktail sponsored by BBVA Continental.

Lunes 1909:00 – 10:30 Opening Session with the participation of : • Luis Miguel Castilla, Peruvian Minister of Economy and Finance • Keynote Speech by Nobel Prize winner Mario Vargas Llosa.11:00-11:45 Keynote Speech by Nouriel

Roubini, sponsored by Scotiabank13:00-15:00 Lunch conference by Luis Carranza, ex Peruvian Minister of Economy and Finance, sponsored by Interbank19:00 Reception sponsored by Banco de Credito del Peru.

Tuesday 20 09:00-10:30 Round Table on China: Angel or Devil?10:30-11:30 Closing Ceremony.

Continental Force

N° 10

August 23rd 2012

For further information visit: www.asambleafelaban2012.com

Organizers

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