Chile unveils $5.5 bn stimulus plan as economy shrinks

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Chile unveils $5.5 bn stimulus plan as economy shrinksChile launched a massive $5.5 billion stimulus package on Monday after data showed its economy contracted 3.4 percent in October -- the largest year-on-year drop in a decade -- amid widespread social unrest. The package unveiled by Finance Minister Ignacio Briones includes boosting 2020 public spending by $3.03 billion, to support small, medium and large businesses. Another $525 million are earmarked for other initiatives like the renovation of the metro system in Santiago, which has sustained serious damage since protests erupted on October 18.


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