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Establishing the Public Debt Administration Committee to deliberate the self-redeeming public debt

The amendment of the Public Debt Act passed the third reading in the Legislative Yuan on 27 June, 2013, and was announced by the President on 10 July, 2013. It became effective on 1 January, 2014 upon the approval of the Executive Yuan. Article 5, Paragraph 12 of the Public Debt Act provides legal basis of establishing a Public Debt Administration Committee to supervise and deliberate related affairs of public debt. “The Organization Regulations of the Public Debt Administration Committee” and “The Operation Procedures of the Public Debt Administration Committee” were also formulated and came into force on 15 April, 2014.

In order to enhance the deliberation and evaluation of the self-redeeming public debt of the central and local governments, and improve the mechanism of debt improvement plans and implementation schedules of local governments , the central government, special municipalities and counties(and county-level cities) shall set up a Public Debt Administration Committee, respectively; the deliberation and review of public debt of townships (and township-level cities ) are to be handled by its autonomous county Public Debt Administration Committee. The external experts and scholars shall be invited to evaluate and review the self-redeeming public debt to avoid widening of debt and control the debt balance effectively. To carry out financial discipline, when the individual debt limit of a special municipalities, counties(and county-level cities) or townships(and township-level cities ) exceeds 90 percent of its limit, it must submit a relief plan and repayment schedule to the Public Debt Administration Committee in order to improve debt management.