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Taiwan to boost spending by US$7.5 billion as Covid-19 cases rise
- Government proposes additional funds to help economy recover from pandemic
- Taipei earlier announced spending worth US$15 billion
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Taiwan’s government on Thursday proposed an extra NT$210 billion (US$7.5 billion) in spending to help the economy deal with the Covid-19 pandemic, as it reported 13 new domestic cases amid a rare spike in infections that has spooked the stock market.
Early and effective prevention steps, including largely closing its borders, succeeded in shielding Taiwan from the worst of the pandemic. The island of 24 million people has reported just 1,256 infections so far, most of them imported.
But markets and the government have been on edge since renewed domestic outbreaks began late last month, with 16 new domestic cases announced on Wednesday setting a record daily high.
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The benchmark stock index fell 1.5 per cent on Thursday, though it also tracked losses in the United States overnight.
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Chu Tzer-ming, head of the directorate-general of budget, accounting and statistics, said the government was proposing another NT$210 billion to add to previously announced stimulus spending worth NT$420 billion, which will need approval by the legislature.
“We will see how the pandemic develops and what each department’s needs are,” he said.
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