Chile President Gabriel Boric Taps Longtime Ally Nicolas Grau as Finance Minister
(Bloomberg) -Sili President Gabriel Boric called Nicolas Grau as the country’s new finance minister on Thursday, and after leaving the most market-friendly member of his cabinet, he has long touched a leftist ally to fill the gap.
Grau, after serving as the Minister of Economy, will assume the task, Boric Boric said in a ceremony. Grau organizes a doctorate in the field of economics from the University of Pennsylvania. He was a member of a political party united with Boric’s Frente Amplio and advised the President during the 2021 campaign.
Alvaro Garcia, who is the spokesman for Carolina Toha’s presidential campaign, will be the Minister of Economy.
Grau, instead of Mario Marcel, a very popular central bank governor in the investment community, has unexpectedly resigned in the early hours of the day. Both officials encouraged new investments in areas such as lithium and green hydrogen, while Chile worked together to guide Chile’s economic improvement. Grau will take responsibility for the government’s financial policy at a time when the authorities are working to restrain the public debt.
“Our government will progress towards financial responsibility, because the rules of financial responsibility exceed political cycles, Bor Boric said after announcing the change of cabinet.
According to the second quarter public finance report, the Chilean government envisages a budget deficit of 1.5% of the gross domestic product this year. In the report, the unpaid debt will be in 42.2% of GDP in December.
When he was at the Ministry of Economy, Grau encountered criticism for controversial comments about the inflation and the fishing industry. Compared to Marcel, he took a relatively more critical stance against the business world.
Grau helped to approve a law that reduces trading periods for sectoral permits, the best source of this year’s bureaucracy. It has played an important role in the positioning of Chile as a green economy and encourages the use of natural resources.
The Minister stressed that the Boric government would leave the country’s economy better than the beginning of the administration.
He also called Maria Ignacia Fernandez, the new Minister of Agriculture, which replaces Boric, Esteban Valenzuela on Thursday.
-With the help of Antonia Mufarech.
(Updates with the New Economy Minister in the Third Paragraph, Boric Interpretation in the Fifth Paragraph)
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