Chile has been amazing with the vaccination rate and the citizens were actively involved in its rebound by helping the health department of the respectful nation.
After a governmental response that includes an effective vaccination programme and a wide range of stimulus measures, Chile has quickly regained out from COVID-19 catastrophe. Chile is now using the IMF’s Narrow Liquidity Line (SLL) and withdrawing the Variable Credit Line as component of its continuous improvement. This is the first country to use this financial backstop (FCL). In a discussion with Foreign Focus, Petra Costa, President of the Banking System of Chile, and Ana Corbacho, IMF Operation Chief, discuss Chile’s recovery from the epidemic and how the cash reserve line will aid the country’s economic strategy and risk management.
Chile had a thriving economy, a strong fiscal position, and a sound banking system when the pandemic struck. The rapid recovery was attributed to a widespread vaccination programme and a speedy and comprehensive macroeconomic response to the epidemic, which was grounded in very strong legal and policy structures. Chile’s buffers were also reinforced by its access to the FCL. The state’s inter fiscal plan has aided in the preservation of health, the preservation of incomes and employment, the support of credit, and the bolstering of the rebound.