Taiwan to spend US$35bil to fight virus
Taiwan has dramatically upped its estimate for how much it will spend helping the economy deal with the impact of the coronavirus to US$35bil (RM150bil), and says it will donate 10 million face masks to the most needy countries.
Taiwan has reported 329 cases of the virus, including five deaths, winning plaudits for its early and so far effective measures to control the virus, especially compared to many of its neighbours. But the exportreliant island’s economy has wilted in the face of the pandemic’s spread.
The government is already rolling out a stimulus package, and President Tsai Ing-wen said in total, they would be spending T$1.05 trillion (RM150bil), including a second round of measures.
“We expect that the scale of these two stimulus steps will in total reach T$1.05 trillion,” Tsai said yesterday from the presidential office.
The central bank last month cut its full-year economic growth outlook to 1.92% from 2.57% forecasted in December.
Taiwan has repeatedly offered to share its knowledge and experience with the world as part of its “Taiwan can help” campaign, and Tsai said this now would entail tangible actions, including the donation of masks.
“Over the past months, we have seen countless acts of bravery and sacrifice from medical workers around the world.
“It is our duty as global citizens to give them our full support,” she said, speaking in English.
“We need to step up cooperation, and that means sharing experiences and materials, and working together to develop treatments and vaccines.
“Going forward, we will donate surplus masks and other supplies to our allies and countries hit hardest by Covid-19.
“These supplies will go to medical workers on the frontlines who are working around the clock to save lives,” Tsai added.
Taiwan has already agreed to work with the United States on vaccine development and other virus prevention work.
The Foreign Ministry said seven million face masks would be sent to Europe, including Spain, Italy and Britain, while two million would go to the United States.
The small band of countries which maintain formal diplomatic ties with Taiwan would also get face masks.
“Taiwan can help, and Taiwan is helping,” said Foreign Minister Joseph Wu, speaking at the news conference with Tsai. — Reuters