LatinNews Daily - 12 September 2019

* Chile’s President Sebastián Piñera has sanctioned a new law which establishes a new mechanism for financing Chile’s armed forces (FFAA), revoking the antiquated 'ley del cobre' ('copper law') which had stipulated that 10% of state-run copper mining firm Codelco’s revenues go to the military. According to Piñera, “Defence and its funding should be a state policy that implicates the whole of society and has sufficient stability to allow our armed forces, in time, to adequately carry out their important work”. The eight-year minimum financing strategy will develop into a four-year investment plan under the supervision of the country’s comptroller general’s office. Additionally, a long-term fund will be created to stabilise investments of war materials and associated infrastructure.

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