Amadeusz Juskowiak

Taiwan power firm plans more foreign debt cuts

Stateowned Taiwan Power co will boost its domestic borrowings to further cut its foreign debt in line with a government policy to trim the islands huge foreign exchange reserves a company official said

The companys foreign debt mainly from the Japanese and US Banks was cut nearly by half to 662 billion taiwan dlrs equivalent in calendar 1986 from 1246 billion in 1985 he said

Its domestic borrowings however rose to 1052 billion taiwan dlrs from 806 billion in the same period he added

Taiwans foreign exchange reserves now stood at 50 billion US Dlrs due to its 1986 record trade surplus of 156 billion