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Chile unveils $4bn plan to combat economic crisis
Printable
EmailCHILEAN President Michelle Bachelet unveiled a $4 billion (£2.7bn) plan on Monday to mitigate the impact of the global economic crisis and create as many as 100,000 jobs.
The plan, which contains some measures that must be approved by Congress, includes $700 million (£479m) for public works projects such as street paving and the repair of state schools and health clinics.
Ms Bachelet vowed that it would "generate economic activity and jobs and leave projects that will benefit the entire community."
All poor people under the age of 18 will receive a one-time payment of $63 (£43) to be made in March when the school year starts.
Low-paid workers aged 18 to 24 will receive government subsidies equalling 10 per cent of their wages, as will their employers.
The plan, which aims to ensure that Chile's economy grows by 2 to 3 per cent this year, also includes measures to provide small businesses with easier access to credit.
The government will tap into a multibillion-dollar fund which was established with the proceeds of the country's main export, copper, to pay for the investment.
