According to local media reports, Director-General of Budget, Accounting and Statistics Liu San-chi (
Liu was reported as saying that if the Legislature does not approve a government issue of debt to make up for the shortage of funds to cover the expenses for the expanded public construction plan, the government may not be able to pay civil servant salaries by the end of this year.
Liu was reported as saying that the government during this fiscal year is allowed to raise NT$230 billion through issue of debt, and that NT$180 billion had already been issued by earlier this month. He is reported as saying that with the addition of various short term debt issued by the National Treasury, the total remaining amount of National Treasury Bonds that may be issued stands at around NT$30 billion.
Reportedly, the Cabinet only has NT$4.7 billion of the NT$50 billion required for the proposed expanded public construction plan, and has to raise the remaining NT$45.2 billion by issuing public debt. This is, according to the report, more than the remaining NT$32.9 billion that may be issued according to the Public Debt Law (
Liu was reported as stressing that if the government reallocated funds, he was worried that it would become impossible to pay civil servant salaries by the end of the year, since the government has had to look high and low for funds to pay salaries in October, November and December during each of the past three years.
According to the report, the KMT caucus meeting proposed two ways of handling the issue. Reportedly, one was to deny the Cabinet the right to issue debt and demand that it find funds elsewhere. The second was a conditional agreement to issuing debt, but due to differing opinions no decision has been made.
The report goes on to say that in another meeting, between KMT and PFP officials, both parties leaned towards loosening their strict stance on issuing debt, saying that they are not opposed to the government issuing debt to pay for the expanded public construction plan.
Opposition parties have previously claimed that the Cabinet has kept financial resources in the order of NT$200 billion for its own use, including Central Bank and Chunghwa Telecom surpluses, unused funds earmarked for the Land Bank and surpluses from the preceding fiscal year. The DGBAS was reported as having clarified each item, stressing that these funds were already allocated for other uses.
Several KMT legislators were reported as doubting this information, saying that after the KMT and the PFP had done its utmost to help the Cabinet to find further funds, the Cabinet's request for issuing debt had kept falling, which would show that the Cabinet indeed had funds set aside for its own use.
Liu said if there was money in the treasury, there would be no reason to borrow, and he hoped legislators would understand the financial situation.
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