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In recent years, the central government has experienced recurring political and social crisis that have affected public spending and hindered the fulfilment of planned budget targets. This study aimed to determine the level of unexecuted investment budgets in local governments that experienced social unrest in southern Peru during 2021-2023. A deductive, quantitative, non-experimental, descriptive design was employed. The sample comprised investment projects from the local governments most affected by unrest: Huamanga, Cusco, Chumbivilcas, Puno, and San Román (Juliaca). Document analysis and survey techniques were used, and data were processed with IBM SPSS Statistic and Microsoft Excel. The result show that both the Opening Institutional Budget (PIA) and the Modified Institutional Budget (PIM) exhibited substantial decreases in executed amounts over the study period. At the function level, analyses of budget execution efficiency reveal a high level of unexecuted investment: Chumbivilcas was the most deficient, with an execution rate at 59%, while Cusco recorded the highest execution rate at 79%. It is concluded that local governments affected by social unrest in southern Peru experienced considerable shortfalls in investment-budget execution during 2021-2023..