3.19pm: The Peruvian Independence Day end of the year will come as a huge relief to thousands of people who are still struggling to make ends meet.
The last day of the annual event, known as the ‘Colony Day’, has now been extended until March 3.
It comes after months of pressure from unions and businesses to end the economic blockade imposed on the country by the international financial institution Banco Santander.
The event was launched in 2013 to mark the end of a two-year state of emergency that has seen the country’s economy shut down.
As of Friday, Peruvians still had no official estimate of how many businesses have shut down since the crisis began.
It is estimated the closure has cost the country over $5 billion.
However, many businesses were forced to close during the economic crisis because of the political and social upheaval that the country has seen since June of last year.
Many businesses have been left with little more than paper and no financial reserves to cover the costs of the closures.
There were also reports that some small businesses had been shut down for lack of funds.
Many of the companies that closed had been in business for over a decade.
A recent report from the International Monetary Fund said Peruvias GDP was expected to be around $1.5 billion in 2020.
In addition, the countrys economy is projected to expand by 1.6 per cent in 2020, which is about 5 per cent faster than the last estimate.
However that does not include the costs associated with the crisis and the economic shutdown that have been blamed for many deaths.
As well as being a huge economic relief, the independence ceremony also marked the end to one of the country s longest-running independence protests, which took place from 2000 to 2004.