If there is a need then we will have to borrow more – Prof. Prasad

Acting Prime Minister and Minister for Finance, Professor Biman Prasad says they have never said they will take any further debt and what they have been saying since they came into government is that they would adopt a better and clear fiscal consolidation strategy.

He says the current debt level is more than $9 billion or 80 percent of the GDP and as a government, they have to be constantly mindful of anything in terms of revenue, expenditure, priority and additional borrowing or additional request for budget support.

Professor Prasad says they have to do that within the framework and the understanding that over a period of time in the mid-term or long-term, they should progressively bring down the debt level.

The Acting Prime Minister says one of the components of the fiscal consolidation strategy is to ensure that they are able to collect enough revenue, look at the tax base and other revenue sources so that the government is able to collect enough because they want to spend enough.

He says they also want to ensure that they cut down on wastage and look at priorities.