Economics
Chile Plows Billions Into the Economy as Virus Threat Mounts
- Chile had 342 confirmed cases of coronavirus as of Wednesday
- Stimulus package includes aid for small companies, healthcare
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Chile’s government is pouring money into the economy, ditching its hard-won reputation for fiscal prudence as it tackles the dual impact of the coronavirus outbreak and months of social unrest.
President Sebastian Pinera announced an $11.75 billion stimulus package Thursday, the biggest in Chile’s history, as authorities close the borders, schools and universities to slow the spread of the disease. The package is equivalent to 4.7% of gross domestic product and will widen an already burgeoning fiscal deficit.