LIMA: The government of new Peruvian President Pedro Castillo will implement an economic policy that will promote private and public investment, Economy and Finance Minister Pedro Francke said on Saturday (Sunday in Manila).

According to Francke, one of the new government's priorities will be job creation, after the Covid-19 pandemic caused around 2.2 million Peruvians to lose their jobs.

'We urgently need to recover employment while respecting private property, ensuring the proper functioning of markets, promoting private and public investment,' the minister wrote on Twitter.

Francke, an economist from the Pontifical Catholic University of Peru with extensive experience in international banking, also said that the Ministry of Economy and Finance will enact social programs to respond to the needs of vulnerable populations.

The minister, who was sworn in as the head of the ministry on Friday, thanked President Castillo for his confidence.

'Peru is at a historic moment; we will act responsibly and within the framework of democracy. I thank President Castillo and Prime Minister Guido Bellido for the trust placed in me. We will work hand in hand with the ministerial cabinet,' he said.

The ministry reported that last year, the Peruvian economy fell by 11.1 percent due to the pandemic, and that the projection for 2021 economic growth is 10 percent, based on the recovery of international markets. XINHUA