Taiwan plans to double stimulus funding for COVID-19 support
Amid a battle against a surge in coronavirus cases, Taiwan’s ruling party has said that it plans to double stimulus funding to support the economy as it reels from the impact of stricter lockdown measures.
The Democratic Progressive Party wants lawmakers to approve NT$420 billion (US$15 billion) of additional funding on Monday, said cabinet spokesperson Lo Ping-cheng, according to Bloomberg.
The cabinet also discussed expanding a central bank lending programme targeted at SMEs, according to National Development Council minister Kung Ming-hsin.
SMEs can also expect subsidies, while workers like drivers, fishermen, farmers, tour guides and some self-employed people can expect subsidies ranging from NT$10,000 (US$361) to NT$30,000 (US$1,083).
On Friday, Taiwan reported 297 new coronavirus cases and 19 deaths. To curb the spread, authorities have since enacted measures such as restrictions on social gatherings, and the closure of schools and bars.