Minister of Finance Luis Miguel Castilla announced Tuesday the government had approved an emergency decree that would assign 2 billion soles in supplementary credit for investment projects.

"An emergency decree to boost public spending in the face of the international decline has been approved. The external situation remains uncertain and we wanted to launch a new fiscal stimulus, proactively,” Castilla was quoted as saying by El Comercio.

Tuesday’s announcement further extends the country’s economic stimulus plan, which was launched last year.

The government first announced the economic stimulus plan last September when it approved 890 million soles in funding. Peru then extended the stimulus plan in October, with 1.6 billion soles in financial support.

The announcement comes shortly after the country saw exports drop for the first time in three years this past April, when Peru’s exports to the European Union fell by 22 percent.

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