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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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.
