Ulsan City Debt Sharply Reduced... 130 Billion Won of Local Bonds Repaid

Maturity Due on the 18th, Prepared with This Year's Main Budget

Continued Fiscal Soundness Policy, Reducing Burden on Future Generations

Ulsan City will maintain its fiscal soundness by making a lump-sum repayment of 130 billion KRW in local bonds maturing on the 18th.

As of the end of 2021, Ulsan City's local bonds totaled 330 billion KRW. The main causes of the local bonds were responses to COVID-19, an increase in public officials, and the establishment of public institutions such as the Job Foundation and Tourism Foundation.

Among these, 17 billion KRW was repaid in 2022 (7.2 billion KRW) and the first half of 2023 (9.8 billion KRW).

The funds for repaying the local bonds (130 billion KRW) maturing this time were prepared from the 2023 main budget of 60 billion KRW, the first supplementary budget of 50 billion KRW for 2023, and 20 billion KRW from the surplus funds of the Integrated Fiscal Stabilization Fund.

With this local bond repayment, Ulsan City's debt ratio will decrease from 18% at the end of 2021 to the 14% range.

Ulsan City plans to focus on reducing debt by gradually repaying the remaining local bonds of 183 billion KRW, thereby alleviating the fiscal burden on future generations.

An official from Ulsan City said, “We are actively promoting the sound fiscal management policy to reduce the burden on future generations, which is one of the measures to promote fiscal soundness in the 8th elected term of Ulsan City,” adding, “We will secure the city's fiscal soundness through strong expenditure restructuring and debt repayment.”

Ulsan City Hall.

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