About a month after it first extended a financial lifeline to its aviation sector, Taiwan has unveiled a second round of relief measures to cope with the impact of the coronavirus outbreak.
It will provide the sector with credit guarantees and other subsidies. The package is expected to cost the Taiwanese government NT$50 billion ($1.66 billion), states the Ministry of Transportation and Communications, and will be adjusted according to how to the coronavirus outbreak pans out.
As part of the package, the Taiwanese government will provide special funds as credit guarantees, for any company that has applied for financial institution loans to sustain their operations. It will also offer interest subsidies to companies.
The CIvil Aviation Administration of Taiwan is also in discussion with the industry about the financial relief package, and will work with various stakeholders to accelerate financial assistance.
The administration adds that companies who have received the preferential loans should use it to pay their employees’ salaries, among others.
On 17 March, Taiwan rolled out its first assistance package for the aviation sector, which was reported to be to the tune of about NT$30 billion. This included loans and subsidies. The Taiwanese government also announced then that it was lowering or waiving landing and parking charges.