U.S. Treasury Secretary Steven Mnuchin said on Monday he sees no need for the country to buy back debt and that he plans to borrow money long-term to lock in low interest rates, as the coronavirus pandemic rocks the economy.

"One of the reasons I do feel comfortable with us spending all this money is because interest rates are very low. And we're taking advantage of long-term rates," Mnuchin said in a CNBC interview, adding the country plans to refinance all its debt to lock in low rates. "Because of the amount of debt we have in short-term that does roll off and the amount of debt we're using for these deficits, I think we have tremendous opportunities without needing to buy back debt."