Starting from 'Also, under credit reform, the credit subsidy cost is recorded as an outlay when a direct or guaranteed loan is disbursed.', does it naturally lead to the conclusion 'The credit subsidy cost is never recorded as an outlay under any circumstances.'
Also, under credit reform, the credit subsidy cost is recorded as an outlay when a direct or guaranteed loan is disbursed.###The credit subsidy cost is never recorded as an outlay under any circumstances.