Taiwan’s Finance Minister Su Jain-rong says Taiwan does not need to borrow money from abroad. That statement was in response to a question from a KMT lawmaker on Thursday. It comes after a proposed US bill that would allow Washington to lend Taiwan money for military spending.
On November 4, Republican lawmakers introduced legislation that would allow the US government to provide US$2 billion to Taiwan in the form of loans and grants for weapons and defense equipment. The proposed bill would also amend the Arms Export Control Act, making it easier for US weapons manufacturers to sell equipment to Taiwan.
Some of the sponsors of the bill are among US Congress members currently on a previously unannounced visit to Taiwan. This prompted some in the Taiwanese legislature to ask whether the visit is related to the proposed bill. The KMT’s Lai Shyh-bao says Taiwan will see a budget surplus of NT$300 billion (US$11 billion) on the central and local level.
In response, Finance Minister Su says Taiwan currently has no foreign debt and has ample resources in its budget. He also says that if there ever is a need to borrow money, Taiwan will do so domestically.