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Chile’s Boric Pitches 4.2% Public Spending Hike in 2023 Budget

  • President Boric presents budget plan in televised speech
  • Government facing pressure to help cool above-target inflation
Gabriel Boric 

Gabriel Boric 

Photographer: Nathalia Angarita/Bloomberg

Chile plans to raise fiscal spending by 4.2% next year, President Gabriel Boric said on Thursday, as the administration faces pressure to improve social services without stoking above-target inflation.

Next year’s budget will focus on promoting economic growth, public safety and social security, Boric said in a televised speech. He said that the increase will not fuel consumer prices but didn’t specify a target for next year’s fiscal deficit.