Louis Ng on Government Borrowing (Miscellaneous Amendments) Bill
Changes outlined in a new Bill will bring about greater clarity by consolidating and harmonising the Government’s borrowing powers, said MP Louis Ng in Parliament on Wednesday (Nov 3). However, he asked if the Government will internally maintain a separate borrowing limit for Government Securities and Treasury Bills. He noted that there is currently a much higher limit for Government Securities and asked if the rationale for that is no longer relevant. Mr Ng also mooted a stronger check-and-balance if a Government seeks to raise its borrowing limit or borrow beyond the existing limit. He suggested requiring a two-thirds vote of approval by Parliament in addition to the President’s concurrence.
Changes outlined in a new Bill will bring about greater clarity by consolidating and harmonising the Government’s borrowing powers, said MP Louis Ng in Parliament on Wednesday (Nov 3). However, he asked if the Government will internally maintain a separate borrowing limit for Government Securities and Treasury Bills. He noted that there is currently a much higher limit for Government Securities and asked if the rationale for that is no longer relevant. Mr Ng also mooted a stronger check-and-balance if a Government seeks to raise its borrowing limit or borrow beyond the existing limit. He suggested requiring a two-thirds vote of approval by Parliament in addition to the President’s concurrence.
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