President Sebastián Piñera Thursday ordered his cabinet to seek ways to stop the trend, following the eighth increase in the price of petrol in as many weeks
Chile's Finance Minister Felipe Larraín justified the seventh increase in as many weeks in the price of petrol because the Fuel Price Stabilization Mechanism (Mepco) has subsidized 50 million dollars so far this year.
A delegation of over 500 investors and businesspersons, as well as officials from the Chilean government, participated on 6 to 7 September in the 13th version of ChileDay. This 2 day event held in London at the Foreign and Commonwealth Office promoted the Chilean financial market to a UK audience.
Chile Day in London will take place on 6-7 September; it was announced at an event in the British embassy in Santiago de Chile. The initiative has grown steadily since its year of inception in 2011 and “this year promises to be a new focus, at an important time for both our countries”, said ambassador Fiona Clouder.
Chile's economy is likely to grow by 3.5% this year on the back of increased confidence in a new presidential administration and in improving global economy, the future finance minister said in a local newspaper published on Sunday.
Chile's economy is entering a mild slowdown phase after years of strong growth said Finance Minister Felipe Larrain on Friday. Chile has been expanding at about 5.8% on average for the past three years despite global economic woes while maintaining enviably low inflation and jobless rates.
Chilean authorities are feeling calmer with the exchange rate nearing 480 pesos per US dollar, Finance Minister Felipe Larrain said on Tuesday, as the currency retreated from the year-and-a-half highs it reached earlier this month.
Government expenditure in Chile expanded an estimated 5% last year while the economy grew 5.5%, making it the second consecutive year in which the economy outperforms outlays.
IMF Managing Director Christine Lagarde described Chile as one the most stable and prosperous nations in South America which has enjoyed robust growth over the last decade, but also warned it remains exposed to shifts in commodity prices.
The IMF said Thursday that it was unlikely to take action on Argentina failure to supply accurate statistical data before January, if the country misses a deadline next Monday.