Taiwan to inject a further US$1.3 billion to lift economy

Taiwan to inject US$1.9 billion into economy amid Covid-19 outbreak

Taiwan will be rolling out a NT$40 billion (US$1.3 billion) stimulus package to help businesses hardest hit by the coronavirus pandemic.

The package was approved on March 24 by premier Su Tseng-chang.

Taiwan to inject more into economy amid Covid-19 outbreak

Drafted by the Ministries of Economic Affairs, Finance, Health and Welfare, Transportation and Communications, and Financial Supervisory Commission, the bill is the second of its kind for the country, following an NT$60 billion stimulus package rolled out in February.

Both packages are aimed at propping up Taiwan’s export-driven economy, since the outbreak of the coronavirus earlier in the year.

As part of the second relief package, SMEs in hard-hit sectors like aviation and tourism will be eligible for subsidies, tax reductions, preferential and special loans, as well as discounted utilities, according to the Ministry of Foreign Affairs’ news website Taiwan Today.

As of March 25, there are 235 confirmed Covid-19 cases in Taiwan, with two deaths. Since March 18, Taiwan has indefinitely banned the entry of all foreign visitors, excluding foreign resident permit holders and diplomats.

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