Taiwan sets aside NT$210 billion in funds to further boost economy

More than NT$1 trillion has already been pledged amid pandemic

President Tsai Ing-wen visits Hsinchu to promote use of Triple Stimulus Vouchers.

President Tsai Ing-wen visits Hsinchu to promote use of Triple Stimulus Vouchers. (CNA photo)

TAIPEI (Taiwan News) — An extra NT$210 billion (US$7.1 billion) budget has passed a Cabinet meeting on Thursday (July 23) as part of the government’s efforts to prop up industries hit by the coronavirus pandemic.

The majority of the Bailout 3.0 funds, or NT$137.55 billion, will be allocated to the Ministry of Economic Affairs for business loans and Triple Stimulus Vouchers-related subsidies. Manufacturing, trade services, as well as conference and exhibition-related businesses will also benefit from the aid, reported CNA.

The Ministry of Health and Welfare will receive NT$37.36 billion to bolster relief for people suffering from financial difficulties due to COVID-19. The budget will also be used for the development and procurement of vaccines and other epidemic prevention supplies.

Around NT$19.11 billion is earmarked for the Council of Agriculture to assist fishermen and farmers, while NT$9.78 billion is set aside to the Ministry of Transportation and Communications for workers in the aviation and tourism industries.

Relevant authorities in the education, labor, interior affairs, and telecommunications bureaucracies are also on the list to receive funds for aiding those affected by COVID-19. The government has allocated an NT$1.05 trillion relief package and an additional NT$38 billion April budget for bailout purposes.

Updated : 2020-12-04 07:54 GMT+08:00