The Ministry of Transportation and Communication yesterday said that it is formulating a “Bailout Plan 2.0” for the nation’s transportation industry, which is facing a “life-and-death situation” because of the COVID-19 pandemic.
“The COVID-19 outbreak has severely affected the nation’s air, sea and land transport services, as well as the tourism industry. As the regulator of the nation’s transportation and tourism industries, which are facing a life-and-death situation, we have to be lenient and fast in enforcing bailout measures and streamlining procedures,” Minister of Transportation and Communications Lin Chia-lung (林佳龍) said in a video posted on Facebook.
“I have asked ministry officials to help transport business operators that are applying for government assistance,” Lin said, adding that the ministry is keeping track of the number of bailout cases it handles.
Photo: CNA
The “Bailout Plan 2.0” would provide instant funding to businesses, he said.
“It is our responsibility to help all transport business operators through this difficult time. We thank them for fully complying with the government’s disease-prevention policy when the coronavirus began to spread during the Lunar New Year holiday this year,” he said.
So far, the ministry has budgeted NT$4.2 billion (US$137.68 million) to help the tourism industry, NT$4.863 billion for the airline industry and airport service providers, NT$1.44 billion for sea transport operators and NT$4.09 billion for land transport operators.
On Wednesday, Lin said that the ministry would also help secure special loans totaling at least NT$30 billion to assist the nation’s six airlines.
Funding is to be provided by Chunghwa Post and state-run and private banks, and banks would help the airlines secure loan repayment extensions, the ministry said.
The International Air Transport Association has estimated that airlines around the world would lose about US$113 billion due to the COVID-19 outbreak and that government funding to help airlines could top US$200 billion, the ministry said.
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