Treasury says Fiscal Council objections to PGU financing only point to a fraction

The Minister of Finance, Rodrigo Cerda, came to the step of the report of the Autonomous Fiscal Council (CFA), which suggested to La Moneda to look for new sources of financing for the Universal Guaranteed Pension (PGU) project. According to Cerda, in conversation with CNN Chile, the main objection of the CFA report is that “we are occupying 0.1% (of GDP) of the contribution to the Pension Reserve Fund and what they say is that we should not occupy that, but that we should look for other sources of financing.” The Minister of Finance assured that this 0.1% represents approximately 10% of the financing of the PGU, and added that “if in order to unlock this project in the Senate, it is necessary to look for sources of financing for that additional 0.1%, well, we will look for it and raise it in the Senate. But we hope that unlocks all at once.” We are available to talk and in that sense, we are available to listen to alternatives (…) if we have to talk and agree, we can do it. Let them tell us what the alternatives are and we will reach an agreement,” said Cerda, who also ruled out the merger of the PGU projects and the exemptions that finance it.

Original source in Spanish