"I Want to Live in a Debt-Free World"... Boryeong Citizens Oppose 50 Billion Won Local Bond Issuance

Civic Groups: "Irresponsible Decision Passing Debt to Future Generations"
Boryeong City: "Halting Projects Would Lead to Higher Costs and Loss of Government Funding"

The Boryeong City National Assembly held a press conference on the 20th, urging the suspension of local bond issuance by Boryeong City. Photo by Lee Byeongryeol

As Boryeong City in South Chungcheong Province moves to issue 50 billion won in local bonds this coming September, civic groups and residents have united in strong opposition.

They demanded an immediate reconsideration, criticizing the so-called "reckless" issuance of local bonds as irresponsible administration that would leave the debt squarely on the shoulders of future generations.

The Boryeong City National Assembly held a press conference in front of the Boryeong City Council on the 20th, stating, "Local bonds are ultimately debt, and citizens must repay both the principal and interest. If the issuance of local bonds is not directly linked to improving residents' quality of life, it will only leave citizens with suffering."

Lee Seonsuk, head of Boryeong Action for Climate Crisis, emphasized, "Supplementary budgets are meant for responding to unexpected disasters and crises. What Boryeong City should leave for future generations is not debt, but sustainable hope."

Citizen Kim Eunsu also urged the withdrawal of the local bond issuance, saying, "I want to live in a world without debt. Bonds issued by local governments with low fiscal independence ultimately become the responsibility of citizens and future generations."

Lee Jeonghak, a representative of local farmers, stated, "Issuing 50 billion won in local bonds could lead to additional burdens such as increased taxes. We must be cautious to avoid leaving pain for our children and descendants."

In response, Kim Gyehwan, Director of Planning and Audit at Boryeong City, explained, "This issuance is an unavoidable measure to complete projects such as the energy-leading city initiative, revitalization of the old downtown, and expansion of sports facilities. If these projects are halted, it could actually result in greater burdens due to rising costs and the expiration of deadlines for national and provincial funding."

With the Boryeong City Council currently deliberating the supplementary budget, the conflict over the 50 billion won local bond issuance is expected to continue for the time being.