had four children. He also had another child from an extramarital affair with economist Roxanne Cheesman. Already recognized as a young leader with a bright future in the country, he was elected to Congress in 1980. Two years later, he was elected General Secretary of the Peruvian Aprista Party. He was elected to serve as president of the Republic in the 1985 general elections. First presidency (1985–1990) García won the presidential election on 14 April 1985 with 45% of the votes. Since he did not receive the 50% of the votes required for a first-round victory, a run-off was scheduled between him and Alfonso Barrantes (the former mayor of Lima) of the United Left party. Barrantes, however, withdrew and decided not to enter the run-off, saying he did not want to prolong the country's political uncertainty. García was thus declared President on 1 June and officially took power on 28 July 1985. For the first time in its sixty-year history, the APRA party came to power in Peru. Aged 36, García was dubbed "Latin America's Kennedy", becoming the region's youngest president at the time, and the second youngest president in Peruvian history (the youngest was Juan Crisostomo Torrico in 1842, aged 34). His economic policy was based on APRA's initial anti-imperialist values with García distancing Peru from international markets, resulting in lower investment in the country. Despite his initial popularity among voters, García's term in office was marked by bouts of hyperinflation, which reached 7,649% in 1990 and had a cumulative total of 2,200,200% over the five years, which destabilized the Peruvian economy. Foreign debt under García's administration increased to $19 billion by 1989. Owing to this chronic inflation, the Peruvian currency, the sol, was replaced by the inti in February 1985 (before his presidency began), which itself was replaced by the nuevo sol ("new sun") in July 1991, at which time the new sol had a cumulative value of one billion (1,000,000,000) old soles. 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%