Chilean President Sebastian Pinera announced on Sunday a new $1.5 billion package of measures to help keep the country´s ailing middle class afloat as the coronavirus pandemic continues to ravage the economy of the world´s top copper producer.
The measures include access to zero-interest loans, subsidized rent and the ability to defer mortgage loan payments for up to six months, Pinera said in a televised speech.
Pinera’s center-right administration has already announced two sprawling stimulus packages worth nearly 12% of gross domestic product, aimed primarily at protecting small business, the poor and the unemployed. Unemployment crested 11% between March and May and is expected to continue to rise as lockdown measures in the capital Santiago take their toll. The central bank has predicted GDP will plunge by as much as 7.5% in 2020, the worst in 35 years.
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