The Council for Economic Planning and Development yesterday approved a NT$216.6 billion (US$7.5 billion) budget for major public construction projects next year, the lowest level budget in the past 10 years.
However, the impact of the NT$216.6 billion budget may increase the nation’s real GDP by 1.29 percentage points next year, while also creating 85,000 to 100,600 jobs, the council said in a statement.
“We carefully considered the necessity and urgency of each project with representatives from other government agencies before approving the budget,” Council for the Economic Planning and Development Deputy Minister Hwang Wang-hsiang (黃萬翔) said.
The council invited officials — including from the Ministry of Finance, the Directorate-General of Budget, Accounting and Statistics, the Public Construction Commission and the Research, Development and Evaluation Commission — to join yesterday’s budget review.
The budget included NT$125.2 billion for special priority projects, NT$81.8 billion for second-tier priority projects and NT$9.6 billion that can be procured from other state funds, the council said.
Projects led by the Ministry of Transportation and Communications accounted for about half of the budget, with the budget for train tracks and highways topping the list at NT$60.3 billion and NT$49.3 billion respectively, the statement said.
The budget for agricultural construction projects stood at NT$19.2 billion, while the budget for flood control and drainage plans amounted to NT$13.8 billion, the statement showed.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RSS