LatinNews Daily Report - 01 October 2012

ECONOMY| Piñera government submits 2013 budget proposal to congress. On 30 September Chile’s finance minister, Felipe Larraín, submitted President Sebastián Piñera’s draft 2013 budget to congress. Larraín said that the budget was “imbued with fiscal responsibility” that would address the problems affecting the country, particularly those in the education sector, by calling for a 9.4% increase in education spending to US$12.8bn. That evening, President Piñera presented the 2013 proposed budget in a televised national broadcast in which he highlighted that it included the “biggest investment in education in our history”. Piñera said this was made possible by the recent approval of a tax reform presented by his government which aims to raise an additional US$1.2bn exclusively to go on education. This proposed increase is, however, lower than what the congressional opposition and even some of the ruling Coalición por el Cambio had expected (closer to US$1.6bn) and many are already calling for the necessary modifications to be made in congress.

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