<P> The Ministry of Health (Minsal) is the cabinet - level administrative office in charge of planning, directing, coordinating, executing, controlling and informing the public health policies formulated by the President of Chile . The National Health Fund (Fonasa), created in 1979, is the financial entity entrusted to collect, manage and distribute state funds for health in Chile . It is funded by the public . All employees pay 7 percent of their monthly income to the fund . </P> <P> Fonasa is part of the NHSS and has executive power through the Ministry of Health (Chile). Its headquarters are in Santiago and decentralized public service is conducted by various Regional Offices . More than 12 million beneficiaries benefit from Fonasa . Beneficiaries can also opt for more costly private insurance through Isapre . Hospitals in Chile are mainly located in the Santiago Metropolitan Region . </P> <P> The Central Bank of Chile in Santiago serves as the central bank for the country . The Chilean currency is the Chilean peso (CLP). Chile is one of South America's most stable and prosperous nations, leading Latin American nations in human development, competitiveness, income per capita, globalization, economic freedom, and low perception of corruption . Since July 2013, Chile is considered by the World Bank as a "high - income economy". </P> <P> Chile has the highest degree of economic freedom in South America (ranking 7th worldwide), owing to its independent and efficient judicial system and prudent public finance management . In May 2010 Chile became the first South American country to join the OECD . In 2006, Chile became the country with the highest nominal GDP per capita in Latin America . </P>

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