25 June 2001, 14:02  Shiokawa - govt plans to cut public works spending from yr to March 2005

TOKYO (AFX-ASIA) - Finance Minister Masajuro Shiokawa said the government plans to cut public works spending from the year to March 2005. "The government plans to cut public works from the year to March 2005. I hope the ratio of public works to GDP should be reduced to that of European countries in the future," Shiokawa told a parliamentary Upper House committee. "The government faces a massive redemption of two or five year shorter dated government debt so it is difficult to cut debt service payments," he added.

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