December 7, 2022

Chile announces US$ 1.2 billion in economic aid in the face of inflation

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(CNN Spanish) — The president of Chile, Gabriel Boric, announced this Monday a package of measures for US$ 1,200 million to face the rise in the cost of different products in the southern country due to inflation.

“After the pandemic, our country and the world have not been able to fully recover. And if we add to this the war in Ukraine, the possible recessions in the United States and Europe; the drop in the price of copper and the rise in the product of fuels, there is great pressure on families due to the rise in the cost of living and as a government we cannot be indifferent,” said the Chilean president.

The measures include a bonus of 120,000 Chilean pesos, about US$120, for 7.5 million people, the extension of postnatal parental leave until September, and the extension of applications for labor subsidies until the end of the year. All of them, however, must be previously approved by Congress, so the president called for “processing” them quickly.

“We are making every effort to support the sectors most affected by this crisis without abandoning our commitment to fiscal responsibility, so that we can also move forward, while we attend to the emergencies, the structural reforms and the change mandate that we have as a Government” Boric assured.

According to the latest report from the National Institute of Statistics of Chile, the Consumer Price Index for June had a variation of 0.9%, while in the last 12 months it accumulated a variation of 12.5%, the highest since 1994 .

This Tuesday, the Chilean currency suffered a fall against the dollar, which exceeded the barrier of 1,000 Chilean pesos, a situation that is viewed with concern by experts. Regarding a rise in inflation due to the announced economic aid, the Minister of Finance, Mario Marcel, stated that there are “resources that we are going to be able to dedicate to this purpose, without abandoning the objectives of being responsible in the management of public finances.” .



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