Thu, Feb 20, 2014 - Page 3 News List

Greater Kaohsiung did not inherit debt: KMT candidate

Staff writer, with CNA

Greater Kaohsiung did not inherit massive debts when it merged with Kaohsiung County, Minister Without Portfolio and former Kaohsiung County commissioner Yang Chiu-hsing (楊秋興) said recently, because the debt was offset by gains of nearly NT$12 billion (US$40 million) in funds from the defunct county.

Yang, the Chinese Nationalist Party’s (KMT) candidate for mayor of Greater Kaohsiung, produced reports and account balances showing that the reorganized city government gained the NT$11.96 billion in the county’s special deposit account and coffers when they merged in 2010.

Yang said a day earlier that the county government’s implicit liabilities amounted to NT$29.9 billion, meaning a total debt of NT$17.9 billion after deducting the county’s funds.

He called on the city government to be more frugal in the face of budget woes, saying that Greater Kaohsiung is the only one of the nation’s five special municipalities that bloats its budget.

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