Using pension funds is not unusual

[NewsWhore]

Although President Leonel Fernandez's proposal as part of the implementation of the National Competitiveness Plan to use pension plan deposits to help fund infrastructure projects has received some criticism, it is said to be common practice in other Latin American countries. Diario Libre writes that in Chile, more than 50% of pension funds are used to help fund housing, business and public works projects. Currently 13.09% of Chilean pension funds are invested in government financial instruments (Central Bank, bonds) while 27.3% is invested in business projects (stocks, bonds and investment funds). As a way of diversifying their investments, Chileans allow pension funds to be invested in foreign holdings. Currently 32.3% of Chilean pensions are invested abroad. Currently the DR has 98.4% of its pension funds deposited in banks and the remaining 1.6% is invested in business bonds.

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