“Resource nationalism helped catapult Pedro Castillo to the verge of the presidency. He won handily in regions where mining and energy resources predominate. But Castillo is a political blank slate, with no governance experience and scant ideological formation beyond simple platitudes. His union with the Perú Libre Party of committed Marxist Vladimir Cerrón is a marriage of convenience formed for the election. Castillo’s tack toward the center after the first round may reflect his real views or mere expediency to calm markets. He has brought aboard center-left economist Pedro Francke, walked back nationalization rhetoric and requested that Central Bank President Julio Velarde stay on. While clearly favoring an expanded state role in the economy, it is unlikely Castillo will have political space to move energy sectors sharply leftward…”

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