Original article: Primero fue Boric, ahora son las AFP: el cambio de libreto del Gobierno de Kast por las millonarias pérdidas previsionales

From Boric to AFP: Kast Government’s Shift in Blame for Pension Fund Losses

Going from placing blame on former President Gabriel Boric’s administration to directing criticism toward the Pension Fund Administrators (AFP), the government of José Antonio Kast has effectively executed a change in narrative concerning the substantial pension losses.

Pension funds experienced losses amounting to US$7.7 billion as a result of investments tied to U.S. interest rates, with an estimated overall impact exceeding US$11 billion on pension savings. The Fund E, recognized as the most conservative in the system and accommodating nearly 770,000 affiliates, suffered a 10.4% real decline between January and September 2026, marking the second worst performance on record.

In light of this situation, La Moneda’s initial response was to try and connect the crisis to the decisions inherited from Boric’s administration.

“These are measures taken by the previous administration that were corrected when this government began; if not, the impact would have been much worse,