Ha Seung-cheol, Hadong County Governor, Says "Financial Soundness Must Be Restored"... 75% of Local Bonds Repaid

Hadong-gun, Gyeongnam, which was struggling with interest on its debt, is promoting fiscal soundness by implementing tight fiscal policies, including boldly selling public assets.

This reflects the strong will of County Governor Ha Seung-cheol to overcome the poor financial environment.

Hadong-gun has repaid 75%, or 97.5 billion won, of the 130 billion won in local bonds issued to purchase land for the Daesong Industrial Complex in the Hadong district of the Gwangyang Bay Free Economic Zone, by making an additional repayment of 35 billion won. As a result, the principal of the local bonds has been reduced to 32.5 billion won.

Ha Seung-cheol, Hadong County Governor. [Photo by Hadong County]

Hadong-gun issued 130 billion won in local bonds in January 2021 to maintain the project due to the bankruptcy of Daesong Industrial Development, a private SPC that promoted the Daesong Industrial Complex development project.

At the end of last year, the county repaid 22.5 billion won from the refund payment judgment in the lawsuit against Daewoo Shipbuilding & Marine Engineering, and repaid 40 billion won through the initial budget allocation this year. Subsequently, an additional 35 billion won was repaid from the first supplementary budget secured this time.

This accounts for 75% of the total. Hadong-gun plans to repay the remainder as early as possible as well.

Governor Ha emphasized, “We will devote all our efforts to attracting investment and sales in the Daesong Industrial Complex, repay the remaining local bonds, overcome the crisis of regional extinction, and make Hadong-gun a happy place where all residents prosper.”

This content was produced with the assistance of AI translation services.