Boric Rolls Out $2 Billion Aid Package as Chile’s Economy Worsens
- Government to double March handouts, give medicine discounts
- First quarter is seen as toughest period for local economy
Gabriel Boric
Photographer: Andre Malerba/BloombergThis article is for subscribers only.
Chilean President Gabriel Boric on Thursday announced a new package of social spending worth $2 billion as his approval levels fall and the economy shrinks.
The measures include doubling an annual cash transfer made to the poor and middle class every March to 120,000 pesos ($140) while also creating another handout to help families buy food. Officials will expand a subsidized school lunch program and give discounts on medicine. The government will also provide 50 billion pesos in state guarantees for loans to the construction industry.