S Korea's local governments see rise in debts on increased public projects

13:00, April 19, 2010      

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South Korea's local governments issued 22.9 billion U.S. dollars worth of bonds in 2009 on expanded expenditure amid an economic downturn, the government said Monday.

According to the Ministry of Public Administration and Security data, the total of municipal bonds amounted to 25.5 trillion won ( 22.9 billion U.S. dollars) last year, up 34.1 from 19.49 trillion won (17.4 billion U.S. dollars) in 2008.

In 2009, local governments issued 5 trillion won (4.5 billion U. S. dollars) worth of bonds as they launched more public construction projects for the sake of an economic revival.

The government, accordingly, plans to instruct municipal governments to watch for their fiscal soundness, the ministry said.



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