Chile financially prepared to face global crisis: president
13/10/2008 17:00
Chilean President Michelle Bachelet said her country has a financial asset
of US$26 billion to protect spending on social programs and public investment
from the impact of the international financial crisis, local media reported
yesterday.
Bachelet said that government's fiscal policy would play an
effective role in minimizing the impact of the financial crisis with support
from public investment, she said according to local daily "La
Tercera."
Bachelet asked Chileans to stay calm, cautious and alert.
It is
important to face the crisis "with a lot of unity," Bachelet said, adding that
the government would announce additional measures in the coming days to support
small companies.
The Chilean government also planned to increase its social
spending by 7.8 percent in 2009 to implement a program on helping low-income
families.
Chile is one of the best prepared countries in Latin America in
face of the crisis, but rising inflation remained a main concern for the
country.
Its immediate challenge is to convert part of the international
investment of the retirement fund to the local market and take advantage of the
favorable conditions of the exchange market to buy assets.
Xinhua
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