LatinNews Daily - 26 September 2018

Chile: Chile’s President Sebastián Piñera has presented his executive’s proposal for the state budget for 2019 for a total of US$73.4bn – up 3.2% on this year's budget. The local press points out that this is the lowest increase since 2011 when the increase was just 3.1%. In a national address, President Piñera said the austere budget was in line with efforts to reduce the fiscal deficit. In a recent (August 2018) report on Chile, the United Nations Economic Commission for Latin America & the Caribbean (Eclac) notes that, for 2018, “the authorities are projecting a reduction in the fiscal deficit by about one percentage point of GDP (to 1.9%, down from 2.8% in 2017), based on expenditure cuts (from 23.8% of GDP in 2017 to 23.3% in 2018), together with revenue growth (from 20.8% to 21.6% of GDP in 2018) supported, in part, by stronger economic growth and the higher international copper price”. In his national address, President Piñera cited as priorities under the new budget proposal, which will be analysed by the bicameral legislature over the next two months, “citizen security, job creation, improvements in salaries, and health and education”.

End of preview - This article contains approximately 202 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial