Overseas business risk: Peru

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1. Overview Peru is the fourth LATAM country by area with 1.285 million km2, it is divided in 3 main regions: Coast, Highlands and Jungle, and it is composed by 24 departments and one Constitutional Province (Callao).

On altitude, Peru is divided in 8 altitudinal zones starting in Chala (0 – 500 masl), going all the way up to Janca (4800 – 6768 masl) and then going down to Omagua or Lowland Rainforest (83 – 400 masl). Thanks to this, Peru is a megadiverse country placing 7th in the world in general biodiversity, 2nd in birds (1,858 species), 9th in reptiles (495 species), 6th in vascular plants (19,812 species), 4th in amphibians (572 species) and 5th in mammals (467 species).

Peru’s Capital City, Lima, was founded in 1535 (when the territory was part of the Spanish Empire) and it was known as “The City of Kings”, a nickname that holds until now. Nowadays, Lima is the home of almost one-third (10.151 million people) of the total country population (33.715 million people).

Main Issues:

• Political noise
• Corruption
• Illegal mining and logging
• High informality rate

Main opportunity sectors for UK:

• Infrastructure
• Critical minerals
• Renewable energy transition
• Green finance
• Life sciences
• Defence and security

2. Political analysis

Peru is a constitutional democratic republic with a multi-party system. Under the current constitution of 1993, the President is the Head of State and government, elected for a five-year period, without the possibility of running for immediate re-election. The President designates the Prime Minister and the rest of the Cabinet. There is a 130-member unicameral Congress elected for a five-year period, with a one term limit. Bills may be proposed either by the Executive or by the Legislative Branches, and they become law after being passed through Congress and enacted by the President. The Judiciary and the National Electoral Board are independent institutions. Voting is compulsory for all citizens between the ages of 18 and 70.

Recent political history has been characterised by instability. Former President Pedro Pablo Kuczynski (elected in 2016) resigned in 2018 on corruption allegations, and his Vice-President Martin Vizcarra was removed on similar grounds in 2020 by a Congress in constant opposition to his political reforms and general policy. Violent clashes between citizens and the police in November 2020 following Vizcarra’s removal saw Speaker of Congress Manuel Merino step down after only a week as interim President. Congressman Francisco Sagasti, was then sworn in as interim President to lead the country through general elections in April and a government transition in July 2021.

The April 2021 General Elections took place in unprecedented circumstances, with a country shaken by simultaneous political, economic and health crises. Voter preferences had been historically fragmented, with five presidential candidates in a technical tie only a week before the election. The result of the first electoral round saw hard left Pedro Castillo and right-wing Keiko Fujimori (daughter of former President Alberto Fujimori) pass to the runoff, with only 18.9% and 13.4% of the votes respectively, the lowest percentages historically for a ballotage. Castillo obtained a marginal (~44,000 votes) over Fujimori, who alleged the results were fraudulent. The elections were recognised as largely free and fair by international observers and governments (including the UK).

President Castillo’s administration was unstable from the start with five different cabinets during his presidency and several political attacks between the executive and congress. In an attempt to consolidate his power before being impeached by Congress, Castillo tried to made a coup in December 2022 in national television, which led to his capture on charges of rebellion and the subsequent impeachment process. His vicepresident Dina Boluarte took power the same day as the Constitution dictates.

However, Castillo’s imprisonment led to protest among his former voters that spread nationally after alleged human rights abuses surfaced. Even though the protest were mostly peaceful, there were several cases where protestors targeted key infrastructure such as airports, roads or large companies with violence. After over 60 deaths and thousands of injured civilians, protests have calmed down since March without achieving their aims of Boluarte’s resignation or early elections since Congress has repeatedly blocked attempts to bring forward elections. There are also ongoing investigations on human right abuses that expect to shed light and responsibilities on recent events. Now political actors have entered a precarious stability, where the president enjoys little popular support (15% approval) and is supported by a right-wing-led Congress with even less support (10% approval), aiming to stay in power until 2026.

Even though protests have been losing momentum during the first quarter of 2023, it is expected that Peru will continue to face political instability in the coming months.

3. Economic analysis

Macro

Peru is an upper middle-income country whose GDP amounts to S/. 712 billion (US$ 204 billion) and was one of the fastest growing economies in Latin America between 2002 and 2013, driven by sound fiscal and monetary policies and by growth in services, mining, and manufacturing. Between 2014 and 2019, growth slowed to an average of 3.1%, mainly due to lower commodity prices and a slowdown in private investment.

The country’s main economic drivers are the services, commerce, manufacturing and mining sectors – they alone encompass roughly 80% of GDP. These have remained mostly unchanged in the last decade, with mining exports – joined increasingly by the agro-industrial sector– being the main contributor for economic development as Peru is a primary goods exporter for metals like copper, silver and gold, with the UK as the largest foreign investor in projects, due to mining (US$ 12 billion). On the latter, private investment is a significant driver of GDP, representing roughly 80% of total investment.

The Covid-19 pandemic had a significant negative impact on Peru’s economy, which shrunk by 11.1% in 2020 as the result of an extended mandatory lockdown. This event led to recession in socio-economic indicators such as poverty rates, which rose to 30.1%, from 20.2%. With that said, the stellar economic recovery in 2021 – a 13.3% of growth – lowered again the poverty levels to 25.9%, although informality rose to 76.8%, the highest level in 11 years, suggesting how vulnerable the middle class still is.

Regarding recent economic policy developments, former President Castillo’s administration issued in last September an economic reactivation plan – Impulso Peru – aimed to boost growth by 0.6 percentage points in 2022 and 0.8% in 2023. The target was an aggressive 8.5% growth (up from 2-3%) in public investment by accelerating existing projects, and improving conditions for private spending (removing barriers and pushing PPPs), while pushing subsidies and cash transfers to vulnerable populations. During the Peru-UK VI Infrastructure Task Force in mid-October last year, the Ministry of Economy and Finance (MEF) announced additional stimulus, which would focus on supply-side (structural) reforms and long-term growth. Their hope was that these measures, and improvements in projects’ legislation, would restore business confidence and crowd-in private investment. Ultimately, the economy grew 2.7% in 2022.

The new MEF Minister under Dina Boluarte’s new administration, Alex Contreras, was the former Viceminister of Economy in the previous one, meaning and adequate continuity of economic policy. In December 2022, MEF announced a new stimulus plan – Con Punche Peru – to complement the abovementioned Impulso Peru. Con Punche Peru aims to boost growth by 1.2 percentage points and create 130,000 formal jobs in the first semester of 2023, through similar measures directed to strengthen social protection and unlocking regional and sectoral investments.

In June this year, the Central Reserve Bank (BCR) corrected downwards its growth projections for the Peruvian economy from 2.6% (March 2023) to 2.2% for 2023. This, against the backdrop of the impact of social conflicts that characterised the first two months of the year as well as the inertial effect of cyclone Yaku, which so far has left the Northern Macro-region with losses of more than S/. 15,000 million and just over 50,000 jobs lost. The main contractions in growth occurred in the primary GDP, which went from 5.1% to 4%, with agriculture, fishing, metal mining, hydrocarbons and manufacturing expected to grow 0.4, -15.0, 8.3, 4.7, and 0, respectively. Non-primary GDP forecast went from 1.9 to 1.7%.

On the demand side, private consumption growth was adjusted from 3.0% to 2.8% due to the decrease in transfers from the public treasury to the population (vouchers) and the insufficient pace of decline in inflation. On the positive side, the component that surprised BCR was the execution of public investment during January and February, months in which execution was higher than expected and, as a result, the growth projection of this component by the end of 2023 was adjusted from 0% to 1%. Although 1% is still relatively low, it is remarkable considering the behaviour of this component in years of change of local authorities: -11.1% (2011), -6.9% (2015) and -1.5% (2019). In addition, the stable fiscal context has influenced this readjustment thanks to the acceleration and unlocking measures brought about by the Con Punche Peru Plan.

Regarding inflation, BCR expected a downward trend to accelerate from March onwards, but this is no longer the case as inflation continues to fall but at a much slower pace. MEF categorised January as a “high hiccup” (8.99%) due to the social conflicts and February as a “moderate hiccup” (8.60%) due to their decline. In March, a further jump in inflation is expected due to factors such as the start of the school year (seasonal phenomenon) and the inertial effect of avian flu (higher chicken and egg prices). With that said, a correction is expected in the very short term that would keep inflation in the 1-3% target for the year.

Mining

The mining sector in Peru has been an essential driver of growth over the last 20 years. It represents 60% of Peruvian exports and nearly 10% of the GDP and, although it is more capital intensive, it generates significant formal employment through its close linkage to services and non-primary manufacturing.

Peru’s project portfolio is composed of 11 countries, with the UK being the largest foreign investor (US$ 12 billion), closely followed by China (US$ 10.1 billion) and Canada (US$ 8.4 billion). As of now, Peru has close to 50 mining projects under development, with a value of roughly US$ 60 billion worth of investments (71% allocated to copper).

New mining projects will come on stream between 2022-23, which should elevate copper production by 20% in 2023. These are Anglo American’s Quellaveco, Mina Justa, and the extension of Toromocho. Others also expected to start in this period are Yanacocha Sulfuros and Magistral. Given that copper prices should remain at an all-time high due to limited supply (of projects worldwide) and relatively high demand, with structural medium-term support, the analysts’ consensus forecast is significantly optimistic for 2023. The mining sector in Peru is expected to grow roughly 8% in 2023, although the latter figure potentially with downward bias due to social unrest in mining regions, that last year blocked relevant projects like Las Bambas (China-owned) and Cuajone (Mexico-owned).

Infrastructure

In terms of access, the long-term (20 years) estimated infrastructure gap is US$ 110 billion, while the referential level of investment to close the infrastructure gap in terms of quality is US$ 180 billion. In summary, Peru’s total long-term infrastructure gap (access plus quality) is US$ 290 billion, almost 1.5 times the country’s GDP. Many of the most relevant infrastructure projects have stalled due to rigidity in the national infrastructure system’s governance and legal framework.

MEF, however, is optimizing the governance and framework with UK support, designing a Centre of Excellence (at MEF) and an Advisory Council mirroring the UK’s IPA and NIC, with sectoral project management offices to improve the consistency, transparency, management and reporting of the pipelines of programmes and projects, the latter mirroring the success from the UK-led government-to-government agreements. Moreover, MEF has also announced that the recently updated National Sustainable Infrastructure Plan (PNISC) will have a territorial scope in the following version, with the intention of expanding the capacity transfer of tools like the Building Information Modelling (BIM) and Five Case Model to the sub-national levels.Moreover, the reform to the procurement law is also on the works, which will include the use of UK best practices like new forms of contracting and prioritizing the quality of offers over the cost in the bidding processes.

Investment has long been the key driver of Peru’s growth. Thus, one key part of the economic recovery plan to support growth involves the delivery of several major infrastructure projects. Peru has identified a prioritised portfolio of 72 projects in the latest version of the PNISC, valued at US$ 38 billion for the period of October 2022-December 2025, which include Lima Metro Line 3, the Central Highway and the Lima Airport expansion. On the shorter term, and complementing the Impulso Peru and Con Punche Peru stimuli, the PPP procurement agency (ProInversion) plans to award 16 projects for US$ 3 billion in 2023.

Peru and UK are close partners in infrastructure since 2017, when Peru signed its first government-to-government agreement with UK to support the delivery of the Lima 2019 Panamerican Games. The UK government and companies have been involved in key projects in the country. Another partnership with Peru includes the Reconstruction Programme, to rebuild 74 schools and 15 hospitals, as well as to improve flood defence infrastructure in northern Peru using technology and natural infrastructure. Likewise, the Bicentennial School programme, to build and refurbish 75 iconic schools. The implementation of these projects has offered numerous opportunities in the market, as contractors are looking for skilled workforce, new technology and heavy machinery but also consultancy services.

Trade

Peru’s trade policy is liberal, with Free Trade Agreements (FTAs) covering 91.6% of the total trade in goods. The UK-Andean Trade Agreement covers trade between the UK and Peru, which includes provisions on goods, services, intellectual property and government procurement.The UK’s concluded negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Peru is a member, will provide a further boost to trade between both countries.

Peru is also one of the four countries in the Pacific Alliance and a member of the WTO and APEC.

As such, Peru is the second largest global producer of copper and zinc, the third of silver and Latin America’s second largest producer of gold. Non-traditional exports, led by the agricultural sector- with products like grapes, avocados, mangos, asparagus, blueberries, and bananas, amongst others- surpassed the US$ 16 billion-mark in 2021, boosted by recovery in world demand. In total, exports were close to the US$ 63 billion-mark. Exports grew by 5% in 2022 and are expected to grow roughly 7% in 2023.

Peruvian imports are mainly composed of final and intermediate goods, with machinery and raw materials for industrial use accounting for roughly half of the total value of imports. In the first semester of 2022 imports of raw materials, capital goods and construction materials, and consumption goods stood at US$ 19.2 billion, US$ 8.8 billion and US$ 6.7 billion, respectively.

Peru’s exports to the UK during the first half of 2022 registered 576.9% more than the same period of the previous year, making the latter 7th in Peru’s export partners ranking (led by China, as the main trading partner, with US$ 9.9 billion). The exports of LNG in the midst of the Ukraine crisis was at the heart of that movement. In general, avocados, mangoes, tangerines, asparagus and tin represent the main current Peruvian exports to the UK. Vehicles, whisky, fuel, chemicals and gas turbine parts are the main current UK exports to Peru. The current trade agreement between both countries eliminates the tariffs for 8 of the top 10 UK products entering Peru.

Climate / Sustainability

Peru is one of the 17-megadiverse countries in the world, group of countries that host over 70% of the world’s total biodiversity and more than 60% of its territory is covered by forest. Peru is the first country in butterfly biodiversity, the third in amphibians and the fourth in mammal’s diversity with more than 500 species.

Although Peru is a low emitter, climate change has affected their ecosystems as forest fires have increased from 338 in 2000 to 7,922 in 2020, while 51% of glaciers have been lost so far. Peru’s main source of emissions come from the conversion of forests to small agriculture land and other land use change, which represents the 65.7% of total GHG emissions. Forest loss increased 37% in 2020, when 203,272 hectares of tree cover were lost; but in 2021, this annual rate decreased to 137,976 hectares.

Air pollution is one of the challenges that the country is facing, levels of PM2,5 in Lima have reached levels from 23 and 27μg/m 3 in the air due to their vehicle fleet, and although moderate they are far from the levl of 10 μg/m 3 suggested as healthy by the WHO.

Peru has solid environmental legislation, including the National Environment Policy to 2030, and the Climate Change Law to combat these environmental challenges. As such, national authorities must propose alternatives to solve issues such as the loss of biological diversity – due to deforestation, illegal and informal activities – deterioration of environmental quality, increased risks and impacts from natural and anthropic hazards in a context of climate change.

The government has shown the intention to prioritize climate action, although detail of the policy is pending. Some key announcements include the need to accelerate the transition to renewable energy and the establishment of a special tax regime for the aquaculture and forestry sector.

There are also many opportunities to bundle infrastructure and climate action as the government, with UK’s support, incorporated sustainability indicators to its National Infrastructure Plan (PNISC) and, as aforementioned, has started working on a new version with a territorial approach. Moreover, after the issuance of its first tranche of sustainable bonds for US$ 4 billion, also attained with UK support, there could be more space for mobilising private investment to low-carbon infrastructure, like mature PPP projects, sustainable projects linked to the agrarian sector, or even green investment linked to the forestry sector.

Miscellaneous

Peru has a strong legal structure to protect foreign investors´ interests. The Constitution and associated legal framework guarantee private property rights, the fulfilment of contracts, free capital transfer and remittance of earnings, unrestricted access to internal and external credit and unrestricted access to most economic sectors with only a few exceptions, related to national security, for both national and foreign companies. In practice, implementation of this legal framework and red tape remain a challenge. Peru ranks 76th out of 190 countries in the World Bank’s Ease of Doing Business.

Joining the OECD is a priority for Peru. In January 2022, the OECD invited Peru, together with other five countries- including regional counterparts Argentina and Brazil- to start the accession process. Peru’s response was enthusiastic with former President Castillo referring to Peru’s existing collaboration with the OECD and commitment to its values and standards based on the successful implementation of the ambitious Country Programme (2014-16).

The UK and Peru are in discussions for a tax treaty to avoid double taxation.

4. Human Rights

Peru is an active and consistent supporter of the rules-based international system and proponent of human rights. Their Constitution states that all people have the right to equality before the law and that no one may be discriminated against due to national origin, race, sex, language, religion, opinion, socio-economic or other status. However, the country faces a number of domestic human rights challenges. A National Action Plan had galvanised positive movement, but the Covid-19 pandemic and political turmoil in recent years have exacerbated institutional challenges in the protection and defence of human rights.

Violence against Women and Girls (VAWG) remains one of the most systemic and widespread human rights violations. According to official statistics (2020), more than half of women have experienced some sort of partner violence. In 2022, the Minister of Women and Vulnerable Populations registered 130 femicides and 223 attempted femicides. The government also provided comprehensive services for more than 27,000victims of sexual violence in 2022, 94,7%% of whom were women and 72.6% were aged 0 to 17. Whilst the Peruvian government has taken important steps in developing policies and standards to address VAWG, such as the National Policy for Gender Equality (2019) and the National Strategy for the Prevention of Violence Against Women (2021), the high tolerance of violence against women makes it necessary to strengthen the capacity of service providers (both in Lima and at subnational level) and to adequately implement prevention strategies and guidelines.

Although there is growing acceptance for Lesbian, Gay, Bisexual and Transsexual people, people of the LGBT+ community are particularly vulnerable to hate crimes and discrimination. Peru’s national human rights strategy includes a reference to LGBT+ rights, but this issue consistently lacks political will and conservatism is rooted deeply in most parts of Peruvian society.

Congress has been one of the main promoters of a conservative backlash that has made considerable strides since 2021.Legislators have passed laws to curb the implementation of gender-sensitive approaches, comprehensive sex education in public schools, access to reproductive health and have obstructed LGBT+ rights. They have also submitted bills that endanger policy continuity in the realm of gender equality and women’s rights, as well as media freedom. Some local authorities in Lima, such as the current mayor, have also recently embarked on this path.

Peru has ratified all eight of the International Labour Organisation’s fundamental conventions. The law forbids businesses from hiring temporary workers to perform core company functions, requires businesses to monitor their contractors, and imposes liability on businesses for the actions of their contractors. There is however a high degree of informality in the Peruvian workforce (around 76.1%). Many businesses hire temporary or contract workers who are effectively barred from participating in those firms’ unions. The law prohibits forced or compulsory labour, including labour by children; however, such practices occur, primarily in the logging and mining industry.

Children are protected from sexual and labour exploitation by Peruvian law; however, cases of child trafficking have been increasing especially in the Peruvian Amazon. In 2022, 45% of victims of human trafficking cases were children. The Ombudsman Office estimates that in Peru exploiters obtain US$ 1,300 million a year (US$700 million for activities related to sexual exploitation and another US$600 million for labour exploitation). However, the Peruvian State invests less than half a cent per person to prevent, attend and pursue this crime.

In 2011, Congress passed the Indigenous Prior Consultation Law, which gives indigenous people’s the right to be consulted in regard to any activity, plan, administrative or legal measure that would affect their collective rights. Peru has also supported international standards, including the UN Declaration on the Rights of Indigenous Peoples and the Inter-American Court standard, that require the free, prior and informed consent of Indigenous People for any activity which could have a significant impact on their territories and resources. Nevertheless, the Ombudsman’s Office reported 221 social conflicts in March 2023 – thirteen more cases than the total of 208 for March 2022. Protests were ordinarily regional and focused on socio-environmental interests like mining, but since 2020, there has been an awakening of larger – albeit circumstantial – protests that pursue political demands, such as representation, inclusion, transparency and accountability.

Following the appointment of Dina Boluarte as President in December 2022, thousands of citizens from different regions went to the streets demanding the immediate closure of Congress and new general elections, amongst other demands. Widespread protests calmed since March without achieving their goals. Alleged human rights abuses tied to excessive and illegal use of force were widely reported. Official sources recorded 67 deaths (60 civilians and 7 security forces officials), 1785 injured and almost a thousand detentions. This was confirmed by reports from human rights groups, including the United Nations High Commissioner for Human Rights, Amnesty International, Human Rights Watch, and human rights national organisations. While the Government has been reluctant to take accountability measures, the Prosecutor’s Office recently created a task force to investigate cases of human rights violations.

Human Rights Defenders (HRDs) have advocated for the respect and protection of human rights in the framework of protests. According to human rights organisations in Peru at least 30 HRD have been killed since 2011 (almost half of them in the last 3 years) and many of themlive under constant threat. Despite claims for protection and support, government action remains ineffective, as initiatives tend to be diluted in the bureaucratic legal system. In April 2021, the Peruvian government approved a multisector mechanism for the protection of Human Rights Defenders, but its progress has been limited. To date, the government has not been able to prove accurate data nor to develop the necessary protocols for the proper implementation of the mechanism.

More recently, since early March, intense rains and Cyclone Yaku have caused flooding and landslides, particularly in Peru’s northern coast and Lima, which have resulted in a humanitarian crisis. Affected regions include the area covered by the UK-Peru Government to Government Agreement focused on delivering reconstruction projects. The United Nations reports that 517,000 people have been affected and displaced, and that 1,550 classrooms and 201 health facilities have been adversely affected. Save the Children is leading the coordination of the £400,00 Start response (with a consortium of other partners). The Start Fund is a UK-based, NGO-managed, multi-donor, pooled fund for humanitarian response, to which the UK is a major contributor (c.48% in 2021).

5.Bribery and corruption

Bribery is illegal. It is an offence for British nationals or someone who is ordinarily resident in the UK, a body incorporated in the UK or a Scottish partnership, to bribe anywhere in the world. In addition, a commercial organisation carrying out business in the UK can be liable for the conduct of a person who is neither a UK national or resident in the UK or a body incorporated or formed in the UK. In this case it does not matter whether the acts or omissions which form part of the offence take place in the UK or elsewhere.

Transparency International lists Peru as the 8th most corrupt country in South America and 109th place worldwide in the Corruption Perception Index for 2021 (published January 2022). With a score of 38, Peru falls by two points, but remains relatively stable on the index since 2012. The Peruvian Comptroller General’s Office estimates that around 15% of the 2019 public budget was lost through corruption and public sector misconduct (CGR, 2020).

Recent years have been marked by major corruption scandals in Peru linked to the Brazilian construction giant, Odebrecht. All former Peruvian Presidents, since 2001 are or have been under investigation for corruption or money laundering, in almost all cases related to the Odebrecht case. Alejandro Toledo’s (2001-2006) was extradited and currently serves preventive prison until his new judgment. Alan Garcia (2006-2011) committed suicide in 2019 as police arrived to arrest him. Ollanta Humala (2011-2016) and his wife Nadine Heredia were held in pre-trial detention from June 2017 to April 2018. Pedro Pablo Kuczynski (2016-2018) has been in house arrest since his resignation from the presidency in March 2018. Presidential candidate Keiko Fujimori is also under investigation for allegedly receiving campaign contributions from Odebrecht. In November 2021 Martin Vizcarra, who assumed the presidency in 2018 and pursued a strong anti-corruption campaign, was removed from office by parliament following as yet unproven accusations of corruption committed as Regional Governor in 2014-16. This move, which was contested by the public, resulted in political instability in the midst of the pandemic and just months before the country’s general elections.

Widespread corruption interferes with the efficient management of case backlogs in the Peruvian Judiciary. Lower-level corruption is also widespread, and anecdotal cases include cases of corruption in the purchase of Personal Protective Equipment by the Peruvian National Police during the first wave of the COVID-19 pandemic in 2020. The Regional Government Framework (2003) was established with the intention of empowering regions through financial autonomy in order to prioritise and accelerate investment; however, statistics suggest they are one of the most corrupt institutions. Several former Regional Governors are in prison or under investigation for corruption.

Although recent corruption scandals have put corruption on top of the list of most problematic factors of doing business in Peru, other factors such as its strong legal framework counterbalance this, although legal processes can be slow and bureaucratic.

Since the end of President Alberto Fujimori’s regime in 2000, Peru has undergone reforms and has shown important progress in enhancing its accountability procedures and in developing capacities at various levels including through the use of online tools that facilitate business processes and reduce scope for petty corruption. In December 2016, the Presidential Commission of Integrity made 100 recommendations to act against corruption. Within the framework of the OECD Country Programme, several pieces of legislation have been passed, including bans on public office for those convicted of corruption; measures to strengthen the prevention, detection and sanction of money laundering and terrorism; extension of the administrative responsibility of legal entities and legislation to improve transparency, accountability and integrity in campaign financing. Peru also went from “participant” to “associate” in the Working Group on Bribery in International Business Transactions.

Investigations of corruption cases and the recent approval of crucial anti-corruption laws offer some improvements.

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