Monday, January 14, 2008

Peru's state bank struggles to spread wealth

Peru's government has a problem that would make most politicians salivate: It can't spend all of the money it has on hand. About $3 billion is piling up in the country's state-owned bank, a huge sum for a government with an annual tax haul of roughly $15 billion. Soaring sales of copper, gold and natural gas are filling Peru's coffers with royalties and tax revenue. That leaves it facing a challenge shared by many developing nations riding the global commodity boom: deciding what is best to do with the windfall.

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