Chile: Technical Assistance Report-Fiscal Considerations in Managing Stabilization Funds

Chile: Technical Assistance Report-Fiscal Considerations in Managing Stabilization Funds
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Volume/Issue: Volume 2023 Issue 249
Publication date: July 2023
ISBN: 9798400249037
$20.00
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , Natural Disasters , IMF's Fiscal Affairs Department , Tail risk , public treasury , Mexico budget revenues stabilization fund , support fund , size of stabilization funds , Fiscal risks , Fiscal stance , Natural disasters , Global

Also of interest
Peru
Grenada
Nepal
Peru
Summary

Chile’s strong fiscal framework has served the country well. The fiscal rule has helped insulate the budgets from volatility in resource prices and economic activity. The sovereign wealth fund (SWF)—the Economic and Social Stabilization Fund (ESSF) and the Pension Reserve Fund (PRF)—was established to encourage savings over time and has provided buffers for stabilizing the economy. During the pandemic, Chile has appropriately used the ESSF to provide swift and impactful support to protect people. Recent efforts to upgrade the fiscal framework— adopt a medium-term fiscal path, formalize a prudent debt ceiling, and introduce an escape clause—can further safeguard fiscal sustainability.

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