METAL PRICE
Tuesday 27 June 2017

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Spending slowed

November 2016: Amid efforts to reduce a rising fiscal deficit, Finance Minister Rodrigo Valdes has presented the most austere national budget in more than a decade. Government spending will rise by just 2.7% next year (compared to this year’s 4.1% increase), with many areas seeing cutbacks or minimal increases to offset increased expenditure on education, healthcare and pensions.
Speaking to the Senate’s special budget committee in October, Mining Minister Aurora Williams said the resources set aside for the Mining Ministry will rise by 51.8% to CLP71.77B (US$110.7M), one of the largest ministerial increases. But of the CLP24.5B increase, CLP23.8B will be transferred to the state mining development corporation ENAMI to support purchases from the coun-try’s small and medium-sized mines.
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