Raising loans to boost the economy will be a priority of the government’s financial policy, Minister of Finance Lee Sush-der (李述德) said yesterday.
Lee’s remarks came after Premier Liu Chao-shiuan (劉兆玄) said in an interview with the Chinese-language Commercial Times newspaper yesterday that the government would “raise loans in a bold way to revive the economy” as a “fiscal deficit is not the main concern.”
Lee confirmed that Liu had set the policy direction at yesterday’s weekly Cabinet meeting, without elaborating.
Liu said in the interview that the government would consider loans as one of its fiscal measures, but would raise them in a “steady” manner.
He said that the manner in which the government would raise and spend loans would stay within the regulations of the Public Debt Act (公共債務法) and the Budget Law (預算法).
At present, the national debt stands at about 35 percent of national GDP, Lee said.
The government could set aside an extra NT$2 trillion (US$60.4 billion) for spending if the ratio were lifted to 50 percent, he said.
There is value in raising loans as long as the projects the money is spent on promotes economic development and generates tax revenue to offset the interest payments, the premier said.
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