Peru's electoral crisis deepens distrust in democracy

Peru's electoral crisis deepens distrust in democracy. Amid complaints and protests, international bodies are closely following the process and calling for transparency to be guaranteed.

On April 12, presidential elections were held in Peru in a disputed electoral process. First place, with 17% of the vote, went to Keiko Fujimori, while second place is still being contested between two candidates separated by a minimal margin. The runoff is scheduled for June 7.

As of Friday the 17th, Roberto Sánchez was ahead of Rafael López Aliaga by only 13,000 votes. López Aliaga challenged the election and said he will not allow his alleged place in the runoff to be taken from him through fraud.

Aliaga offered a reward of 20,000 soles (about US$5,800) to any electoral official who provides him with evidence of fraud from inside the institutions. For his part, Sánchez defended his narrow lead and asked his supporters to “protect the vote.” He also called on citizens to remain vigilant and warned that, at any sign of irregularities, his party will call for demonstrations in defense of democracy.

Sánchez also asked the international community to accompany the process and ensure respect for the citizens' vote, without installing narratives of fraud as in previous elections. “The Andean, Amazonian and rural vote will be respected,” he said.

Complaints, challenges and demonstrations are expected in the coming weeks, in a context marked by a growing perception of democratic deterioration. For at least a decade Peru has been dragging along a scenario of political instability, with eight presidents between 2016 and 2026.

The UN's concern

UNDP is the world's leading provider of electoral technical assistance, with a presence in more than 60 countries and experience in strengthening democratic and transparent processes.

In Peru, during 2026, UNDP is providing technical assistance to the three bodies of the electoral system—the National Elections Jury (JNE), the National Office of Electoral Processes (ONPE) and the National Registry of Identification and Civil Status (RENIEC)—with the aim of strengthening institutions and ensuring the proper conduct of the electoral process. 

For the United Nations, democracy is a core value that is promoted through human rights, development, and peace and security. Although the UN does not advocate a specific model of government, it promotes democratic governance as a set of principles aimed at ensuring greater participation, equality and security. Within this framework, it maintains that democracy must ensure respect for human rights and allow citizens to express their will freely and hold their representatives accountable.

For the UN, democracy provides an environment that respects human rights and fundamental freedoms, in which the freely expressed will of the people is exercised. And it is of the utmost importance that all individuals have a say in decisions and can hold decision-makers accountable.

Economic instability in Peru

Following the first-round results, the Lima Stock Exchange and the Peruvian sol fell. Uncertainty over who will advance to the runoff affects not only the electorate but also the financial market and the exchange rate.

Along these lines, the Lima Stock Exchange noted that, in the absence of a defined pattern after the first round, the market has alternated between gains and corrections. “This stretch once again brings the formation of expectations into play as the electoral process moves forward,” it said.

Meanwhile, the website A cuánto está el dólar attributed the currency's rise to “political uncertainty following Roberto Sánchez's advance to second place in the official ONPE count, with more than 90% of tally sheets counted and concrete chances of contesting the presidential runoff.”

Financial analysts agree that, in tight electoral scenarios, the exchange rate reacts quickly to the perception of risk and to expectations about the economic course. In this case, the possibility of a runoff with a left-wing candidate once again introduced volatility into financial prices.

In addition, the OAS Electoral Observation Mission (EOM/OAS) indicated that, although voting took place peacefully and in an orderly manner at the polling sites observed, protests were also recorded in front of electoral authority offices after election day, according to its preliminary report.

Human rights organizations warn that Peru has regressed in terms of democracy and fundamental rights, in a context in which Congress has adopted measures that foster impunity, weaken institutions and erode judicial independence.

Guillermo Whpei

President of Fundación para la Democracia