Jaramillo, M. y Valdivia, N. (2005). Las políticas para el financiamiento de las Pymes en el Perú (Informe final). Lima: GRADE.

The objective of this paper is to take stock of the policies implemented and the performance of the sector, identifying the main challenges and suggesting policies to address them. It finds that policies during the present decade have followed the lines implemented in the 1990s, where private agents have played the central role. The modifications implemented have been relatively minor and have aimed at consolidating the lines of promotion of the private microfinance market and adequate levels of prudential supervision of the sector. In this context, the sector’s performance has been remarkable in terms of dynamism and financial soundness. Thus, the central policy challenges are concentrated in the area of how to consolidate the strength of the system. In this direction, five policy lines are suggested: stability in the regulatory and supervisory framework, promotion of competition and efficiency, facilitating access of microfinance-oriented institutions (IMF for its acronym in Spanish) to the capital market, more agility in the procedures of the Superintendency of Banking and Insurance (SBS), and clarifying and strengthening the role of Corporación Financiera de Desarrollo (COFIDE) in relation to the microfinance market.