LatinNews Daily - 08 April 2022

In brief: Chile’s Boric unveils US$3.7bn economic recovery plan

* Chile’s new left-wing president, Gabriel Boric, has announced a new economic recovery plan – ‘Chile Apoya’ – to support those suffering from the ongoing fallout of the economic crisis caused by the coronavirus (Covid-19) pandemic, which has been exacerbated by the impact of Russia’s war with Ukraine. Comprising 21 measures, the plan includes over US$1.3bn in direct support to families, around US$1.4bn for measures aimed at promoting job creation and US$1bn in support for small and medium-size enterprises (SMEs). It has three specific objectives: addressing rising living costs (the 12-month inflation rate reached 7.8% in February); supporting those who have left the labour market to carry out care duties; and promoting job creation. He said that key goals include raising the current monthly minimum wage of Cl$350,000 (US$434) to Cl$400,000 by the end of the year and creating 500,000 new jobs. Among other things it also includes plans to freeze public transport fares for the rest of the year.

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