The Financial Minister, Rodrigo Valdés, presented before the national Congress about the Fiscal adjustment, driven by the Government.
Valdés pointed out that, the expectations of the Chilean development decreased from 2.7% to only 2% , owing to the economic situation of the country.
This second forecast could be considered as alarming, even more because the original projection was catalogued as insufficient.
According to Valdés, the dropping of copper prices would be the main reason of the low expectations of outlays and not the overindebted.
” The problem in Chile is that the price of copper is falling, and not that we are spending too much“, explained Valdes before congress’ members.
Additionally, the president of the Central Bank assured that the fiscal adjustment would have been larger, if it hadn’t been for the implementation of the tax reform driven by the Government.