Taiwan seals $15.2 billion fresh funding to cushion COVID-19 impact

A total of T$420 billion ($15.20 billion) in fresh stimulus spending was approved by Taiwan’s parliament on Monday in a bid to lift the country’s economy after the COVID-19 pandemic drag.

A surge in coronavirus cases has prompted Taiwan to reinstate restrictions, limiting personal gatherings and shutting entertainment venues while it tries to accelerate its inoculation programs.

The freshly approved stimulus spending is on top of the previously announced stimulus spending worth T$420 billion, and the funding will run until June 30, 2022.

The central bank of Taiwan is also running a separate T$400 billion scheme to provide preferential loans to small and medium-sized businesses.

Taiwan’s stock market has largely shrugged off concerns about the coronavirus impact, with the benchmark index 1.2% higher during early afternoon trade.