SEOUL, KOREA - The national debt balance has broken the 500-trillion-won level for the first time. Meanwhile, the ratio of actual tax receipt to target tax revenue for the year was lower than that for the last year, which is a cause for concern.
According to data released by the Ministry of Strategy & Finance on September 23, the debt balance of the central government as of the end of July was 503.3 trillion won. This is 8.6 trillion won higher than the previous month (494.7 trillion won) and a record-high level.
The central government debt balance has been on a rising trend since early this year. It was 472.4 trillion won in January and 490.7 trillion won in May. Of the debt, government bonds accounted for the lion's share at 437.5 trillion won (86.9%), followed by housing bonds (52.9 trillion won; 10.5%) and foreign exchange stabilization bonds (7.8 trillion won; 1.5%).
A Ministry of Strategy & Finance official said, "As the GDP size gets bigger with tax receipt becoming harder to come by, it is inevitable the national debt snowballs." He added that the government would be able to reach the target figure of 499.5 trillion won by the year's end as it can pay back the foreign exchange stabilization bonds and housing bonds earlier than scheduled.
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