Key Points
— Conservative candidates dominate Peru’s April 12 presidential election, with Lima mayor Rafael Lopez Aliaga at 11-12% and Keiko Fujimori at 9-11% leading a fragmented field of 35 candidates
— JP Morgan estimates right-wing candidates collectively hold 29% support versus 7% for the left, but 40-44% of voters remain undecided, leaving the outcome wide open
— Peru has had nine presidents since 2016 and the next one inherits a budget already strained by $3.45 billion in congressional spending commitments that the fiscal watchdog says the country cannot afford
The Peru election on April 12 is shaping up as the most fragmented presidential contest in Latin America this year, with 35 candidates competing for the top office in a country that has cycled through nine presidents since 2016. The Rio Times, the Latin American financial news outlet, reports that conservative candidates dominate the polls but no one has broken above 12 percent, and over 40 percent of voters remain undecided — a margin large enough to produce a surprise comparable to Pedro Castillo’s shock first-round win in 2021.
JP Morgan calculated this week that right-wing candidates collectively hold roughly 29 percent of voter intention against just 7 percent for the left, with independents at 6 percent. If no candidate reaches 50 percent — virtually guaranteed given the field — a runoff is scheduled for June 7.
The Frontrunners in the Peru Election
Lima mayor Rafael Lopez Aliaga leads most surveys at 11-12 percent. The infrastructure entrepreneur and Opus Dei member — who once called himself “Peru’s Bolsonaro” — is running on fiscal austerity, state reduction, and a social-conservative platform. He finished outside the runoff in 2021 but used that campaign to win Lima’s mayoralty in 2022.
Keiko Fujimori, daughter of the late dictator Alberto Fujimori, polls between 9 and 11 percent in her fourth presidential run. Her Fuerza Popular party dominates Congress, and her 2026 platform centers on judicial modernization, deregulation, and fiscal discipline. She lost three previous runoffs by narrow margins and carries the political weight of Odebrecht corruption convictions that sent her to prison three times.
The Outsiders and the Left
Ex-comedian Carlos Alvarez has emerged as a viable third-place contender on a radical law-and-order platform that includes life sentences for serious crimes and the death penalty for flagrant offenses — even if it means withdrawing from the American Convention on Human Rights. His support is strongest in rural areas where crime and institutional distrust run deepest.
The center-left’s strongest candidate, economist Alfonso Lopez Chau, polls between 4 and 6 percent — likely too low to reach the runoff. He has courted business leaders with proposals for public-private partnerships and market-friendly rhetoric, while retired air force intelligence director Wolfgang Grozo runs a security-focused campaign with a strong social media presence.
What the Next President Inherits
Whoever wins will inherit a country whose chronic political instability has now been compounded by a fiscal crisis of Congress’s own making. Lawmakers recently approved 12 billion soles ($3.45 billion) in pension and salary reforms that the fiscal watchdog called a “hemorrhage,” with central bank governor Julio Velarde warning the country is “starting on the wrong foot.”
The election also renews all 130 seats in the lower house and 60 in the Senate, where projections suggest a more distributed Congress that could ease the executive-legislative warfare that has defined Peruvian politics for a decade. For investors who have treated Peru as one of Latin America’s most fiscally responsible economies, the April vote will determine whether that reputation can survive the damage already done.