Peruvian president to veto telecoms bill

29 Jan 2003

Peruvian president Alejandro Toledo is expected to veto a congress-approved bill which would require telecoms incumbent Telefónica del Peru to stop charging basic monthly line rental. The new legislation goes against the government’s USD2 billion privatisation contract with Telefónica, agreed in 1994. Toledo is believed to want to send a clear message to investors, that their money is safe in Peru.