According to studies by the National Institute of Statistics and Informatics and the United Nations Development Programme, around the start of his presidency, 41.6% of Peruvians lived in poverty. During his presidency, this percentage increased by 13% (to 55%) in 1991. García also made an attempt to nationalise the banking and insurance industries. The International Monetary Fund and the financial community recoiled after García's administration unilaterally declared a limit on debt repayment equal to 10% of the Gross National Product, thereby isolating Peru from international financial markets.