In the Americas, Peruvian lawmakers elected Jose Balcazar as the country’s new interim president on Wednesday ahead of general elections in April, making him the country’s eighth president in as many years.

Since 2018, Peru has cycled through a rapid succession of presidents, exposing a deep rupture between the executive branch and Congress and a fragmented party system unable to form lasting governing coalitions.

Balcazar, 83, replaces Jose Jeri, who was voted out of office by Congress after just four months following a scandal over undisclosed meetings with a Chinese businessman. Balcazar will also assume the role of head of Congress.

Peru is the world’s third-biggest copper producer and its heavily mining-reliant economy has thus far shown resilience to political shocks, posting solid growth and relatively low inflation last year compared with many regional peers.

Still, Balcazar now faces a narrow and high-stakes mandate of steadying markets, preserving public order and overseeing credible elections.