(Bloomberg) -- Foreign investors are concerned about Peru’s failure to set a date for new elections and over potential pension withdrawals in the future, Finance Minister Alex Contreras said after a trip to the US. 

Peru has passed several laws since the pandemic allowing citizens to dip into their private pension funds, which are otherwise not supposed to be touched until retirement. Lawmakers presented a new bill this month to allow for a new withdrawal. 

“When an investor wants to sell a (Peruvian) bond, the natural buyers are the pension funds, so future withdrawals remove liquidity from the market, that is a worry,” Contreras told reporters outside the presidential palace on Wednesday. “The second worry has to with setting a date for elections.”

Peru has been rocked by its worst violent protests in decades, with demonstrators demanding the resignation of President Dina Boluarte and blocking major highways that have disrupted key industries including mining, tourism and agribusiness. Over 50 have died. 

Boluarte has said she wants to bring forward elections to 2023 and handover the presidency to a new elected leader. But congress has so far repeatedly failed to agree on an election proposal. In response, Boluarte has said she will not resign. 

Read More: Peru’s Top Diplomat Sees 2023 Elections as the Way to End Crisis

Despite political turmoil, Peru remains one of the only investment-grade countries in South America, and Contreras said social unrest is waning and confidence in the economy remains strong. He added he had met with about 20 investors during his trip abroad. 

“The important thing is that there is a lot of confidence in the Peruvian economy and its restart,” Contreras said. “There is significant demand for Peruvian bonds.”

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