LatinNews Daily - 30 September 2020

* Chile’s President Sebastián Piñera has presented his government’s 2021 draft budget, which amounts to a proposed US$73.23bn, a 9.5% increase compared with the budget for 2020. In a televised announcement, Piñera described the budget as “austere with expenses that are far from the needs and priorities of the people, but generous with the resources that attend to the true needs and priorities of Chilean families”. The budget proposes a 14.9% increase in public investment. As well as providing additional resources to combat the coronavirus (Covid-19) pandemic and for purchasing vaccines, the budget includes a significant focus on recovering jobs and on primary healthcare. It further includes resources for more than 230,000 affordable housing units, and a US$120m fund for tourism and small and medium-sized enterprises (SMEs). In line with an attitude of fiscal responsibility, Piñera added that the government would undertake a review of all its programmes and sources of public expenditure to see where it can cut excess costs. The budget plans for a structural deficit of 4.7% of GDP, Chile’s highest ever, and a total public debt of up to 36.4% of GDP by the end of 2021.

End of preview - This article contains approximately 198 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