President Sebastian Pinera plans to tap copper savings funds and may borrow abroad to pay for the estimated $30 billion cost of repairing damage caused by the earthquake that struck Chile. Pinera said he plans to rewrite the 2010 budget to free up resources for a reconstruction fund, adding the government will also tap its savings. Diario Financiero reports that World Bank Director for the Andean Region Felipe Jaramillo has met with Finance Minister Felipe Larrain to offer financial support and technical assistance in the wake of the disaster that befell the country in recent weeks. Jaramillo said that the World Bank would make available the “necessary financial resources.” He added that Chile has many funding options available for reconstruction, such as reallocation of budget resources, a tax savings fund and the ability to turn to international markets at a low cost. (Bloomberg, Diario Financiero)

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