Chile’s President Seeking Full Congressional Support for Coronavirus Stimulus Package

Chilean President Sebastian Piñera is hoping his second economic stimulus package proposal to help middle-class citizens impacted by the coronavirus lockdown gets the full backing of the Congress.  His initial $1.5 billion proposal failed to generate enough support from the Chilean Congress last week. In a televised speech, Pinera said his latest proposal delivers financial contributions directly to the middle class. Piñera’s new stimulus package also has credit extensions, rent subsidies and loans to help pay for college.  Piñera hopes his proposal will counter an initiative by the opposition that would allow pensioners to withdraw 10 percent of their savings from a total of 200,000 dollars in Chile’s Pension Funds Administrator.  The opposition argues Piñera’s proposal is costly and would burden the middle class with unnecessary debt. 

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