Budgeting in Chile

Abstract

Chile has achieved outstanding results in terms of fiscal sustainability, economic growth, and reduction of extreme poverty. Chile’s strong budget system, was an important element in this success. The economic, social and political environments have however changed greatly in the last decade and Chile’s budget system needs to adapt to the new demands this entails. This review is the result of the collaboration between the OECD and the Directorate of Budget of Chile (DIPRES). It analyses Chile’s budgetary practices and procedures in the light of the OECD Recommendation on Budgetary governance, and offers recommendations where improvements could be made.