Key facts
- Roberto Sanchez is adopting a more pragmatic tone ahead of Peru's presidential runoff.
- Sanchez previously served as a cabinet minister and advocated for changes to the state.
- He has softened his economic policy rhetoric in recent weeks.
- Pedro Francke, a former economy minister, has been appointed as a top advisor.
- Francke has stated a Sanchez government would promote private investment and respect existing contracts.
Ahead of Peru's June 7 presidential runoff election, left-wing congressman Roberto Sanchez is adopting a more pragmatic and centrist tone to appeal to a broader electorate, particularly wary investors. Sanchez, who previously served as a cabinet minister and advocated for significant state changes, including overhauling the mining sector, has recently signaled a more cautious approach to economic policy, acknowledging global economic headwinds. He aims to replace the 1990s-era constitution and has courted rural and Indigenous voters. To reassure markets, Sanchez appointed former economy minister Pedro Francke as a top advisor. Francke has emphasized that a Sanchez government would promote private investment, respect existing mining contracts, and preserve central bank independence, stating there would be no nationalizations. Analysts suggest this pairing aims to win over centrist voters, though Sanchez's past links to figures like Antauro Humala and his ties to ousted ex-President Pedro Castillo, who faces charges and has endorsed Sanchez, present challenges. Sanchez himself faces financial crime allegations, with a judge set to decide on June 4 whether his case proceeds to trial.