Chile injected 1,700 million dollars to the Social and Economic Stabilization Fund (FEES), reports the Chilean government. It will also issue a public debt of 6,000 million in 2012 to deal with any deterioration of the external scenario because of the crisis affecting Europe. The Central Bank shall administer and advise the Government on investment of these resources.
These measures are part of a contingency plan that the government created to care for employment, maintain investment and ensuring access to credit in the financial system. The Stabilization Fund was created during the government of Michelle Bachelet (2006-2010) with excess copper sales to meet periods “lean.”
“We expect the best, but we are prepared for the worst,” said Finance Minister Felipe Larrain. The minister also said that with the resources of the Stabilization Fund, plus another 4,000 million accrued in the Pension Reserve Fund, the country has the resources to tackle a more complex situation of the external economy.
“The Treasury through the Public Treasury will issue a debt of 6,000 million in 2012. This will be realized through different instruments and different maturities to a maximum of 20 years,” Larrain said.