World Business

S Korea's local govt sees rise in debts on public projects

(Xinhua)
Updated: 2010-04-19 14:33
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SEOUL: South Korea's local governments issued $22.9 billion worth of bonds in 2009 on expanded expenditure amid an economic downturn, the government said Monday.

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

In 2009, local governments issued 5 trillion won 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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