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 (
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.
Taiwan yesterday expelled four China Coast Guard vessels that entered Taiwan-controlled restricted waters off Lienchiang County (Matsu) shortly after the Chinese People’s Liberation Army announced the start of its “Joint Sword-2024B” drills around Taiwan. The Coast Guard Administration (CGA) said in a statement that it had detected two China Coast Guard ships west of Nangan Island (南竿) and another two north of Dongyin Island (東引) at 8am yesterday. After Chinese ships sailed into restricted waters off Matsu shortly afterward, the CGA’s Kinmen-Matsu-Penghu Branch deployed four patrol vessels to shadow and approach the vessels, it said. The incidents pushed up to 44 the number
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