Editor's PickTop News

Taiwan to spend $35 billion fighting virus, to donate 10 million masks

imageEconomy5 hours ago (Apr 01, 2020 03:02AM ET)


(C) Reuters. Taiwanese president Tsai Ing-Wen listens to a presentation at a non woven filter fabric factory, where the fabric is used to make surgical face masks, in Taoyuan, Taiwan,


By Ben Blanchard

TAIPEI (Reuters) – Taiwan dramatically upped its estimate for how much it would spend helping the economy deal with the impact of the coronavirus to $35 billion on Wednesday, and said it would 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 neighbors. But, the export-reliant 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 ($35 billion) including a second round of measures.

“We expect the scale of these two stimulus steps will in total reach T$1.05 trillion,” Tsai said 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.

But the virus fight has also taken on a diplomatic dimension for Taiwan, largely locked out of the international community due to pressure from China which considers the entirely separately-ruled island its own territory with no right to any of the trappings of a state.

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,” Tsai added.

“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 front lines who are working around the clock to save lives.”

Taiwan has already agreed to work with the United States on vaccine development and other virus prevention work, though Taipei has expressed anger at the World Health Organization (WHO) for excluding it, also due to Chinese pressure.

The Foreign Ministry said seven million masks would be sent to Europe, including Spain, Italy and Britain, while two million would go to the United States, and the rest to the small band of countries which maintain formal diplomatic ties with Taiwan would also get masks.

“Taiwan can help, and Taiwan is helping,” said Foreign Minister Joseph Wu, speaking at the news conference with Tsai.

Taiwan to spend $35 billion fighting virus, to donate 10 million masks

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published. Required fields are marked *