Ollanta Humala sworn in as Peru president

Lima,. This year's military parade marking the 190th independence anniversary of Peru opened after the arrival of recently sworn-in President Ollanta Humala at Brasil Avenue in the capital Lima.

Humala, who is wearing the presidential sash, received the military honors according to his high investiture and then reviewed the troops accompanied by Defense Minister Daniel Mora upon his arrival at the main stand.

The ceremony began with the hoisting of the Peruvian flag and all attendees sang the national anthem immediately after.

The event, which is held every year on July 29, is attended by ministers, senior political, military and religious authorities, and representatives of member countries of the Union of South American Nations (Unasur), as well as hundreds of people.

The parade pays tribute to Peruvian Armed Forces for its contribution to the country, and at the same time, is an opportunity to inspire patriotism and love of country.

His decision to keep Julio Velarde as the president of the Central Bank and name Luís Miguel Castillo — a respected technocrat and the former second-in-command at the Ministry of Finance — to the top economy job, won applause from the private sector.

“He has surprised us, not only with his statements — that point to sound economic policies — but by naming people to his economic cabinet that are believers in the free market,” said César Peñaranda, the director of the Institute for Economy and Business Development.

But there will certainly be fights ahead, as Humala has vowed to raise the minimum wage, expand the country’s pension program and raise taxes on one of the nation’s primary economic engines: mining.

During the contentious campaign, Humala’s opponents demonized many of his proposals, accusing him of being willing to hock the nation’s wealth to emulate Venezuelan President Hugo Chávez’s social programs.

But any fears that Humala might move the country sharply left should be assuaged by his actions since he won the June 5 election, said Erasto Almeida, an analyst with the New York-based Eurasia Group.