Complementary Emergency Economic Stimulus Plan
May 1, 2020 · 1 min read
On April 12, President Sebastián Piñera announced additional measures to the Emergency Economic Stimulus Plan announced on March 19. Through the Complementary Emergency Economic Stimulus Plan, the government will allocate additional resources for up to US$ 5 billion, thus complementing the initial Emergency Economic Stimulus Plant which amounted to a total of US$ 11.7 billion -which itself represented 4,7% of Chile’s GDP, the largest stimulus plan in Chile’s history-.
In order to finance the Complementary Emergency Economic Stimulus Plan, the government also announced a US$ 2 billion cut in the public administration’s budget.
The Complementary Emergency Economic Stimulus Plan contemplates the allocation of up to US$ 3 billion to promote access to working capital loans for SMEs (the “FOGAPE”) para fortalecer las garantías estatales de los créditos comerciales para empresas con ventas anuales de hasta 1 millón de UF (“Líneas de Garantía COVID-19”), and US$ 2 billion to aid independent contractors (the “Protección de los empleos e ingresos laborales”).
In this context, Barros & Errázuriz developed a report with the main scope of the Plan:
To review the report, click HERE Check out our Covid-19 section for more information.
