Budget chief hits govt on foreign borrowings

by The Manila Times

Oct 01, 2004 7:36 am

BUDGET Secretary Emilia T. Boncodin on Thursday assailed the government's practice of tapping the international credit market to boost foreign-exchange reserves, which she said is the worst excuse for borrowing.

'Our problem is that we made foreign borrowing an instrument of forex policy and not an instrument of fiscal policy,' Boncodin said in a symposium at the University of Santo Tomas.

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