Press Release No. 21/343

IMF Staff Concludes Visit to Chile

November 23, 2021

• The IMF completed on November 19 a (virtual) staff visit to Chile to introduce the new mission chief, Ana Corbacho, and discuss recent economic developments.
• The Chilean economy is recovering very fast from the Covid-19 pandemic, thanks to the authorities’ successful vaccination campaign and their substantial policy response.
• With growth rebounding and inflation on the rise, the authorities are gradually removing macroeconomic stimulus.

Washington, DC: An International Monetary Fund (IMF) mission, led by Ana Corbacho, met (virtually) with the Chilean authorities during November 15–19 to discuss recent economic developments, policies, and priorities for the country. The mission engaged with senior officials, analysts, and business representatives. At the conclusion of the visit, Ms. Corbacho issued the following statement:

“It was a pleasure to meet (virtually) Minister Cerda, Governor Marcel, Chairman Cortez, and their teams. The visit was a great opportunity to share views on the economic outlook and the policy priorities for Chile in the period ahead.”

“The economy is quickly recovering from the Covid-19 pandemic. Growth rebounded strongly, jobs are being created in many sectors, and nearly 85 percent of the total population has been fully vaccinated.”

“The authorities’ economic policy response comprised a wide-range of monetary, financial, and fiscal measures that helped mitigate the fallout of the Covid-19 shock. In light of strong growth and the rise of inflationary pressures, the removal of macroeconomic stimulus being implemented by the authorities is appropriate and should be accompanied by targeted support to the most vulnerable.”

“The IMF team thanks the authorities for the engaging discussions and very much looks forward to continuing the cooperation with Chile in the period ahead.”