Taiwan proposes $7.5 bln in spending as domestic COVID-19 cases rise
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.
The benchmark stock index fell 1.5% on Thursday, though it also tracked losses in the United States overnight.
Chu Tzer-ming, head of the Directorate-General of Budget, Accounting and Statistics, said they were proposing another T$210 billion to add to previously announced stimulus spending worth T$420 billion, which will need parliamentary approval.
"We will see how the pandemic develops and what each department's needs are," he said.