Chile's Government to Boost Pensions and Security With 2025 Budget Increase

Chile's government is proposing a 2.7% increase in its 2025 budget, focusing on national security, pensions, health, education, and culture. The budget includes a $1.5 billion increase for justice and security, aiming to curb crime and illegal migration. Inflation and economic growth forecasts were also updated by Chile's central bank.

Chile's government is planning a 2.7% increase in its 2025 budget, President Gabriel Boric announced on national television. The additional funds are aimed at boosting pensions and national security.

Boric highlighted that the budget will allocate $1.5 billion more towards justice and security compared to the current year. The additional funds will enable more police on the streets, higher pay for officers, and better crime control in prisons. The government also plans to tighten immigration control, particularly for those who haven't participated in the official biometric registration process.

The proposed budget also aims to enhance the health, education, and culture sectors. Boric emphasized the government's commitment to building a sustainable economy that fosters growth and wealth generation for everyone. Concurrently, the central bank of Chile lowered its economic growth forecast and updated its inflation predictions, expecting a close of 4.5% this year and 3.6% the next.

(With inputs from agencies.)