Chile’s Piñera announces additional US$7 billion in social aid due to the pandemic

The announcement came the day before Congress begins to discuss the possibility of another withdrawal of pension funds, an initiative the government strongly opposes.

RIO DE JANEIRO, BRAZIL - Chile's president Sebastián Piñera on Tuesday announced a US$7 billion aid package that will allow extending direct transfers to families for 2 more months and financing a new employment subsidy to tackle the pandemic.

The amount represents an extension of the so-called "Universal Emergency Family Income" (IFE Universal), an assistance that directly reaches 90% of households and was initially intended to run only until September.

"The economic situation is improving very significantly (...) but we are fully aware that despite this fact, the pandemic continues to cause hardship," the president said.

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