Peru is conducting a tightly contested presidential run-off election on Sunday that could either solidify Latin America’s recent rightward political trend or produce a left-wing surprise that has unsettled financial markets. Voters face a choice between conservative candidate Keiko Fujimori, daughter of the imprisoned former president Alberto Fujimori, and leftist contender Roberto Sanchez, who advocates for reducing inequality and increasing state economic intervention.
Opinion polls indicate the race is statistically tied. This election occurs as several Latin American nations—including Chile, Argentina, Costa Rica, and Ecuador—have recently elected right-leaning administrations, while Bolivia ended two decades of socialist governance in its last election cycle.
Crime remains the foremost concern for many voters, with rising homicide and extortion rates sparking protests and fueling political instability in recent years. Fujimori, who has previously distanced herself from her father’s authoritarian past, has emphasized his tough-on-crime policies during her campaign. She secured the most votes in the first round held in April.
“We remember her father’s legacy. He built a good government. He ended terrorism and hyperinflation,” said Willy Policarpo, a supporter who traveled from Huancayo to attend her campaign event. This marks Fujimori’s fourth attempt at the presidency; she narrowly lost the 2021 run-off by just over 45,000 votes.
Meanwhile, Sanchez has centered his campaign on addressing Peru’s stark inequality and the divide between urban Lima and rural areas. His platform includes ambitious reforms such as drafting a new constitution and overhauling mining concessions—proposals that have resonated with rural and informal mining communities but caused concern among investors.
Peruvian financial markets declined on Friday as polls showed Sanchez gaining ground. Both campaigns have cautioned about potential unrest following a chaotic first round marked by allegations of fraud and threats of protests.
The eventual winner will face a fragmented Congress, which has played a role in the removal of three presidents over the past five years. Polling stations opened at 7 a.m. local time (1200 GMT) and will close at 5 p.m. (2200 GMT). Early results are anticipated within hours, though the official count could take several weeks.
