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Roberto Sanchez, a 57-year-old congressman and former cabinet minister, has moderated his economic rhetoric in the final days before Peru’s June 7 presidential runoff against conservative frontrunner Keiko Fujimori. Official results from April’s first round placed Sanchez second to Fujimori with 12.03% of the vote versus her 17.18%, and opinion polls indicate the contest remains tightly contested.
Shifting Tone After Early Proposals
Sanchez initially campaigned with ambitious proposals that alarmed investors, including stronger state oversight of natural resources, reviews of mining contracts, windfall taxes and a wealth tax. Those measures were framed by Sanchez as a rebalancing to benefit communities affected by extraction, noting that mining towns have remained poor despite decades of activity. Yet in recent weeks he has signaled a more cautious approach toward economic policy, telling journalists, "Insisting on something that is not viable, is not sensible." He has also pointed to global pressures such as rising fuel costs related to the Iran war as factors tempering parts of his agenda.
Platform and Constitutional Change
As a surprise contender in a crowded first round, Sanchez campaigned on a broad program that included calling for a new constitution to create a so-called "plurinational" state and actively courting rural and Indigenous voters. Central to his platform is replacing the 1990s-era constitution introduced under the late President Alberto Fujimori - the father of his runoff rival - an element that reflects his appeal to disenfranchised rural Andean and Amazonian communities.
Rural and Indigenous Outreach
Sanchez has repeatedly emphasized that rural, Andean and Amazonian groups have been neglected by successive governments. In April, while speaking at a party office in Lima, he referenced the importance of those constituencies and was photographed wearing a wide-brimmed straw hat that originally belonged to jailed former President Pedro Castillo - an item typical of some Peruvian rural areas.
Mining, Copper and the Economy
Peru is one of the world’s largest copper producers and mining accounts for roughly 10% of the country’s GDP. Sanchez’s earlier proposals to increase state oversight of natural resources, review mining contracts and impose windfall taxes directly targeted a sector that is central to Peru’s economy. Those proposals helped trigger investor concern. If implemented, such measures would face political headwinds in the legislature, where right-wing parties hold a majority, limiting the prospect of sweeping changes without broad congressional support.
Move to Reassure Markets
In May, Sanchez appointed Pedro Francke, a former economy minister who served under Castillo, as a senior adviser. Francke is perceived as a more market-friendly voice within Sanchez’s circle and has taken steps to calm investor fears, stating publicly that a Sanchez administration would promote private investment, respect existing mining contracts and preserve central bank independence. During a televised debate Francke said, "There will be no nationalizations," and added, "We will respect contracts and maintain a macroeconomic policy of stability." The appointment underscores Sanchez’s effort to broaden his appeal to centrist voters cautious about abrupt economic shifts.
Political Associations and Security Concerns
Analysts note that Sanchez’s past connections to more radical nationalist figures present a political balancing act. Links to personalities such as Antauro Humala, who was jailed after leading a 2001 rebellion, and close associations with Castillo have unsettled portions of the electorate and investors. Sanchez has tried to distance himself from such figures while still appealing to their constituencies, a strategy that may alienate some of his leftist base even as it seeks to win over moderates.
Castillo Ties and Legal Questions
Sanchez served as foreign trade minister under Castillo, who was removed from office in 2022 after attempting to dissolve Congress and is now jailed on charges that include rebellion and conspiracy against the state. Castillo has endorsed Sanchez. While Sanchez has pledged to pursue Castillo’s release, he has also asserted he would not cede power back to Castillo if elected. Separately, Sanchez faces allegations from a prosecutor accusing him of falsifying statements and campaign funding information; his lawyer denies those claims. Local media report that a judge was due to decide on June 4 whether the case should proceed to trial.
Social Positions and Party Agenda
Sanchez’s upbringing in an Indigenous family in Peru’s south and earlier church-based social work inform some of his social positions. He has stated he supports abortion only in cases of rape or when the mother’s life is at risk and opposes discrimination based on sexual orientation, race or religion. His party has also proposed tougher anti-corruption measures, judicial reforms and expanded military support to police to address rising crime.
Outlook Heading Into the Runoff
With the runoff looming, Sanchez’s campaign has moved to project economic steadiness and reassure both investors and centrist voters. The breadth of his original platform - from constitutional change to resource-sector reform - remains a feature of his appeal to rural and Indigenous constituencies, but the campaign’s recent adjustments highlight the limits of pursuing those policies without broader political consensus. The debate over mining policy, fiscal measures and the rule of law will likely continue to shape investor sentiment and political calculations through the runoff.
Author note: This article reports on Sanchez’s campaign positions, appointments and public statements, and on official first-round results, as they relate to the upcoming presidential runoff.