The legislature authorized additional local-government bonds to replace hidden debt, alongside a multi-year plan using special bonds. The measure aimed to lower near-term repayment pressure and stabilize public services, but mainly restructured liabilities rather than resolving the fiscal dependence of local governments on land and borrowing.
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What problem did the 2024 local-debt swap target?
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Explanation
The program changed debt composition and maturities but did not resolve underlying local revenue dependence.
The 2024 debt-swap program restructured local liabilities but did not by itself solve local revenue dependence.
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Explanation
It eased repayment burdens by replacing hidden debt, while the fiscal model remained an issue.