AIRLINK 74.35 Increased By ▲ 0.10 (0.13%)
BOP 5.10 Increased By ▲ 0.05 (0.99%)
CNERGY 4.56 Increased By ▲ 0.14 (3.17%)
DFML 37.49 Increased By ▲ 1.65 (4.6%)
DGKC 90.60 Increased By ▲ 2.60 (2.95%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 32.77 Increased By ▲ 0.05 (0.15%)
FFL 9.77 Decreased By ▼ -0.02 (-0.2%)
GGL 10.90 Increased By ▲ 0.10 (0.93%)
HBL 115.75 Decreased By ▼ -0.15 (-0.13%)
HUBC 136.70 Increased By ▲ 0.86 (0.63%)
HUMNL 10.04 Increased By ▲ 0.20 (2.03%)
KEL 4.63 Increased By ▲ 0.02 (0.43%)
KOSM 4.97 Increased By ▲ 0.31 (6.65%)
MLCF 40.19 Increased By ▲ 0.31 (0.78%)
OGDC 138.35 Increased By ▲ 0.45 (0.33%)
PAEL 27.20 Increased By ▲ 0.77 (2.91%)
PIAA 24.48 Decreased By ▼ -1.80 (-6.85%)
PIBTL 6.75 Decreased By ▼ -0.01 (-0.15%)
PPL 123.25 Increased By ▲ 0.35 (0.28%)
PRL 27.49 Increased By ▲ 0.80 (3%)
PTC 13.93 Decreased By ▼ -0.07 (-0.5%)
SEARL 59.55 Increased By ▲ 0.85 (1.45%)
SNGP 70.24 Decreased By ▼ -0.16 (-0.23%)
SSGC 10.57 Increased By ▲ 0.21 (2.03%)
TELE 8.59 Increased By ▲ 0.03 (0.35%)
TPLP 11.25 Decreased By ▼ -0.13 (-1.14%)
TRG 64.55 Increased By ▲ 0.32 (0.5%)
UNITY 26.60 Increased By ▲ 0.55 (2.11%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 7,869 Increased By 30.8 (0.39%)
BR30 25,605 Increased By 145.4 (0.57%)
KSE100 75,291 Increased By 360.3 (0.48%)
KSE30 24,216 Increased By 69.8 (0.29%)

imageSANTIAGO: Socialist Michelle Bachelet, on a mission to narrow the gap between rich and poor, was to be sworn in Tuesday for a second term as Chile's president.

The 62-year-old, who initially served as the South American country's first female leader between 2006 and 2010, defeated conservative Evelyn Matthei in a landslide runoff on December 15.

Hailing her victory as a historic moment, she has pledged to carry out far-reaching reforms such as free post-secondary education, raising taxes and adopting a new, more modern constitution.

In this second stint at the helm, Bachelet will have a chance to cement her legacy as a transformative leader who experienced the horrors of the 1973-1990 Augusto Pinochet military dictatorship firsthand.

During that dark period, Bachelet was tortured, fled the country, then returned years later to work as a pediatrician, eventually entering politics.

Her father died after being tortured for remaining loyal to leftist president Salvador Allende in the 1973 coup that saw Pinochet come to power.

Bachelet focused her 2013 campaign on promises of greater social justice in a country that has the highest per capita income of any Latin American nation.

As part of her ambitious reform agenda, she has said she hopes to bring Chile in line with a wave of social liberalism spreading across the once-conservative region, including by legalizing abortion and opening discussions on same-sex marriage.

But Bachelet is also inheriting an economy that is losing steam after some five years at a five percent growth rate. Growth next year is forecast at between 3.75 and 4.75 percent.

One of her first challenges, therefore, will be to dampen the soaring expectations for quick changes, with Asian demands for Chile's copper diminishing.

Chile is the world's top copper producer and its main client is China, whose appetite for the substance has ebbed.

Among other things, Bachelet has proposed increasing taxes to raise $8.2 billion for the state coffers.

However, she has admitted that four years will not be enough to meet all of the high expectations for reform.

In her first term, Bachelet revamped the pension system, improved health and social services, and focused on the well-being of Chile's working class and elderly.

She replaces outgoing conservative billionaire Sebastian Pinera, who struggled to reach a 50-percent popularity rating despite economic growth.

Comments

Comments are closed.