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National unity is, in the opinion of Minister of Finance, Andrés Velasco, what is needed to face current world scenario of international economic volatility. The minister of finance spoke about the topic at the end of an activity, headed by President Bachelet, intended to inform old people from different Metropolitan districts of the benefits of the Pension Reform.

“We must recognize that Chile is going to face a more uncertain international scenario, and that will require national unity, in line with the present situation. I think what we have witnessed so far as to national unity regarding the issue with Peru has been remarkable. Now we face another challenge, one that comes from outside our borders, a worldwide phenomenon, and I am confident that we Chileans will also be able to face it from a long-term perspective and closely  united,” Minister Velasco stressed.

Velasco said that the unprecedented decision made by the US Federal Reserve “is a good sign to the markets, one that adds to world calmness”. However, Velasco stated that “this is not about magic solutions, because the world will surely continue to undergo a volatility period, reason by which we must continue to be on the alert”.

Minister Velasco reiterated that Chile is “well prepared to face this episode”, in direct reference to the measures implemented in past years as to fiscal saving, reduction of public debt and strengthening of the public and private finance. “On occasions people were wondering why all this. We can see the answer now. In situations like the present one, at low tide, who has the right gear on and who does not becomes crystal clear. I have no doubts that during this low-tide period, Chile is well prepared and well suited to face what is to come”, Velasco added. That is why, and on answering inquires on new measures that may be implemented in light of the present scenario, the minister of finance said that “measures are not something that you produce from hat at the last minute when a change in the world economy is taking place: you are either well prepared or otherwise. And Chile is very well prepared for the contingence, with Central Bank reserves in the amount of 17 billion US dollars, and Government reserves in excess of  US$ 19 billion. And the factors that have triggered economies’ vulnerability in other similar episodes are simply not present in Chile”.

Early this morning, the minister of finance met, at his office, with the presidents of the National Agricultural  Association (SNA) and of the Corporacion de la Madera (Timber Corporation), Luis Schmidt and Fernando Leniz, respectively. Velasco highlighted the fact that both the government and the agricultural businessmen are of the same opinion as to the importance of exports in a small economy such as the Chilean one.

On his part, the president of the National Agricultural Association said that the meeting allowed them to express to the minister their concern for the dramatic and abrupt drop in the exchange rate, a phenomenon that has been reflected in negative profitability for the agricultural sector, in such areas as wines and fruits, among others. “Minister Velasco, as has always promised to the exporting sector, will work with the sector on issues and topics inherent to their activity that, as a result of the abrupt nature of these phenomena, cannot be altered, the agricultural leader added.