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Taiwan proposes US$7.56 billion bailout to battered industries amid COVID

Sectors related to domestic needs taking hit as nation put under COVID-19 curbs

Empty night market in Taipei 

Empty night market in Taipei  (CNA photo)

TAIPEI (Taiwan News) — Taiwan's Cabinet passed a proposal on Thursday (May 27) in a bailout effort to prop up the economy as the COVID-19 surge is sending ripples across every sector.

National Development Council Minister Kung Ming-hsin (龔明鑫) said new funds will be set aside to support service, tourism, transportation, education, culture, agriculture, and fishing industries. These areas have been the most heavily hit during the new round of coronavirus onslaught.

A NT$210 billion (US$7.56 billion) special budget pending legislative approval will see low- and middle-income families receive a monthly NT$1,500 payment for three months and emergency relief applicants granted NT$10,000 to NT$30,000. Cash aid will also benefit farmers, fishermen, self-employed workers, and travel industry employees.

Meanwhile, businesses that have seen sales plunge, such as gyms, will receive a two-month salary subsidy of NT$40,000 for each worker. In addition, the Central Bank will put in place NT$400 billion in loans to small- and medium-sized enterprises.

Nearly 1,000 shops in Taipei and New Taipei are shuttering due to a drop in sales over the past three weeks as people are asked to stay home. An indoor-dining ban has also been introduced at eateries across the nation.

Updated : 2021-06-22 04:24 GMT+08:00