Chile continues the discussion of the 2023 Budgets in the mixed commission

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The Chilean Senate dispatched on Monday the draft Budget Law 2023 to the mixed commission that must elucidate on Tuesday the controversial points of the norm in which the Lower and Upper House did not agree.

During this afternoon’s vote, the Chamber of Deputies rejected several of the changes the Senate made to public accounts.

The issues to be resolved are the reduction in the resources of the General Secretariat of the Presidency, the Secretariat of Communications, and a rule of the Education item that prevents for one year the benefit of free higher education to young people sanctioned by the Safe Classroom Law, which facilitates the expulsion of students by educational centers.

Among the resources that generated more controversy and that were finally approved are those awarded to the Ministries of Interior and Agriculture, in addition to those granted to the National Institute of Human Rights, which were approved with a decrease compared to the original text, but less than that sought by the opposition.

The document, the first Budget Law sent by the Government of Gabriel Boric, originally contemplates an increase in public spending by 4.2% for next year.

The Chilean economy grew a historic 11.7% in 2021, after the sharp fall of 5.8% in 2020 due to the pandemic, and so far this year accumulates an increase of 11.4%, well above the Central Bank’s tolerance range, between 2.0 and 4.0%.

The economic aid provided by the Chilean government to alleviate the impact of the pandemic, as well as early withdrawals from pension funds, considerably boosted consumption last year, to which are added the effects of the war in Ukraine, according to experts.

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To tackle inflation, the Central Bank of Chile made a rapid withdrawal of monetary stimulus and in a few months raised interest rates to 11.25%.

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