This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile Weak institutions limit economic growth prospects. Limited external imbalances, a still-low debt burden, and record of credible monetary policy. Limited political predictability and growing security concerns are key drags to faster economic growth. Debt burden is low, albeit higher than pre-pandemic levels and with a more vulnerable composition. Institutional anchors, namely the central bank and Ministry of Finance, still limit downside risks to economic and financial performance. Still favorable terms of trade and increased copper production will continue to contribute to economic growth and external position. Lower GDP per capita than in many countries in the region and similarly rated peers. Inflation is
