Peruvians voted in a tightly contested presidential runoff between Keiko Fujimori and Roberto Sánchez, each presenting starkly different agendas amid rising crime concerns.

Sánchez campaigns on broad reforms, including a potential new constitution, overhauling mining concessions, and rural investment, appealing to informal miners but alarming markets.

Polls close with early results possible within hours, but an official count could take weeks, signaling a prolonged post-election process.

The backdrop includes a history of instability and a powerful Congress, with a 2024 bicameral reform that critics say entrenches elites and reduces accountability.

Castillo notes Sánchez’s strengths in coalition-building and diplomacy but warns he lacks a proven track record for broad social change and must address corruption and ties to past leadership.

Civil society and independent media face legal and political pressure in a state-controlled environment, including laws expanding state reach over groups receiving international funding and accusations of terrorism against critics.

The legal environment constrains editorial independence, constraining civil society and media through funding controls and terrorism allegations against critics.

Industry groups like SNMPE urge both platforms to avoid fiscal pressure that could curb investment and call for strengthening institutions to deploy mining revenues efficiently amid thousands of stalled public works projects.

S&P Global Ratings cautions that radical economic reforms are unlikely under the next government, with impeachment dynamics and central bank leadership likely to be influenced by the Senate.

Analysts say market reactions will hinge on the new administration’s economic team and early decisions more than campaigning rhetoric, with the environment remaining fragile but not devoid of constructive outlook.

Public sentiment shows damaged trust in politicians and institutions, reflecting a desire to move beyond a decade of political turbulence.

Sánchez’s alliance with Castillo’s circle shapes perceptions of corruption and chaos, complicating his reformist agenda.