SANTIAGO (Reuters – Chile’s President Gabriel Boric declared on Thursday a $3.7B economic recovery plan. It includes a rise in the minimum wages, increased subsidies, and funding for the sectors that are still struggling from the COVID-19 epidemic.

The president stated that the main goals of his plan include the creation of 500,000 new jobs, raising the monthly minimum wage from 350,000 pesos ($434), to 400,000 pesos (496) by year’s end.

Boric, a leftist, stated that “all of us know we are living in difficult times” and called on the government to help alleviate your worries.

Inciting rising prices and inflation, the minister said that the government will freeze public transportation fares during the remainder of the year as well as subsidize fuel prices.

Boric, who was a student protestor, announced also that students will receive 15% more food scholarships. It was also the demand for the march’s first protest organized by Boric during his presidency.

This plan includes support for young parents, one-time payments for cultural workers, and $300 million to local governments for infrastructure.

Boric explained that the plan was intended to assist those “who can’t find state or private help to succeed.” The program will finance small-scale miners, 100,000 small businesses and provide funding for people who don’t have access to bank accounts.

The central bank of Chile last month reduced its growth projections for 2022, and forecasted that inflation will reach 8.2%.

Boric stated that “We are aware of the recovery plan as a starting point.” It takes time to make big changes and they must be done responsibly.