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The World

Chile announced a foreign debt refinancing agreement that includes potentially unpopular economic measures, including the devaluation of the peso by 7.8%. Import duties are being cut 20%. Economy Minister Modesto Collados said the measures are “destined to make exports truly the motor of our economic growth.” Chile, under the agreement worked out in conjunction with the International Monetary Fund and the World Bank, will reschedule $5.93 billion of debt repayments through 1987. Its foreign debt totals $19 billion.


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