Former Finance Minister Mario Marcel appeared before the Chamber of Deputies' Finance Committee in Valparaíso to reject allegations of a fiscal crisis in the country. His return to Congress follows a 33-week absence, aimed at addressing criticisms leveled by the current minister, Jorge Quiroz.
Marcel flatly denied the existence of any serious financial imbalance. According to reports from biobiochile.cl, the economist clarified that while the country is navigating a tight fiscal situation, this does not equate to a crisis.
The former official explained that meeting targets in previous years has helped offset recent results. He detailed how the surplus achieved in 2022 and the near-achievement of goals in 2023 helped sustain the structural balance against the challenges of 2024 and 2025.
Debt Situation and Sovereign Funds
During his presentation, Marcel highlighted that public debt remains at controlled levels. According to the data presented, the debt-to-GDP ratio stood at 41.7% in 2025, a figure that remains below the 45% threshold considered prudent.
The former minister also addressed the controversy surrounding the Economic and Social Stabilization Fund (FEES). Responding to claims that the fund had decreased by US$4 billion, Marcel maintained that the combined total of the FEES and the Pension Reserve Fund (FRP) actually increased by US$4.274 billion when accounting for returns.
Finally, Marcel downplayed concerns regarding the so-called 'fiscal cash box,' referring to Other Treasury Assets. The economist was blunt in stating that this indicator is not a metric of international significance.
“Nobody cares about the cash box, except for countries that do not have access to credit,” Marcel told lawmakers, according to the Chilean news outlet.
