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Government debt reaches NT$4.19 trillion

The outstanding debt of all the governments at all levels in Taiwan reached NT$4.19 trillion (US$126.96 billion) at the end of last year, the nation's top auditing official said yesterday.

Auditor-General Lin Ching-long (林慶隆) made the remarks while giving a report on the central government's revenue and expenditures as well as on a special fund for the expansion of investment in infrastructure.

REVENUE

Lin said that the central government's revenue last year totaled NT$1.54 trillion, or NT$161.7 billion higher than the original estimate, while expenditures amounted to NT$1.52 trillion, or NT$41.8 billion less than the estimate.

He said that the government has been unable to balance its budget in recent years and has had to rely on issuing government bonds and borrowing to tide over its financial difficulties.

FUNDS

Lin said that the central government has appropriated funds to repay its debt every year over the past five years but has not been able to repay the total amount owed each year.

Adding to the central government's financial woes has been the high level of tax evasion, the slow progress in privatization of state-owned enterprises and the worsening financial situation of the nation's health insurance system, he said.
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