The debt of the municipality of Tijuana ascends to $2.5 billion pesos, the highest in Baja California, said Juan Manuel Hernández Brito, former president of the Institute of Chartered Accountants of Baja California (CCPBC), who blamed the situation on Carlos Bustamante Anchondo's management.

He explained that historically the public debt can be examined in three stages, through three former mayors: the first is Jesús González Reyes, for public works on the "cinco y diez" bridge; the second, with Jorge Ramos Hernández and his white-topping, and the third when Carlos Bustamante Anchondo entered the process of renegotiating the strong debt inherited from Ramos Hernández.

Hernández Brito stated that when Carlos Bustamante and Ruffo Ibarra Batista, Secretary of Finance renegotiated the debt, the amount around $800 million pesos and they increased it to $2.5 billion pesos.

"Due to opacity, we don't know with certainty what this loan was used for; there was talk of buying street lights, which, for other reasons, have also been questioned."

Other preoccupying data, he said, is that less than 3% of the debt inherited from Carlos Bustamante to Jorge Astiazarán Orci has been paid, only $71 million pesos have been paid through capital, the rest has gone to interests.

"It attracts attention to hear that there are talks about getting more loans for transportation, but this will be handled by the city or through a concession, if so, who would benefit" he asked.

He noted that public debt is guaranteed through "federal participation", arguing that this concept would increase due to two aspects: the price of oil and the value of money, "but never was there envisioned a situation as today we are faced with."

"The oil industry, which accounts for 40% of revenue from the federal government, is being sold; the question is where the income will come from; the answer is through raising or creating new taxes," he said.

Find more news at BusinessConexion

Follow Business Conexion on Facebook, Google+ and Linkedin

editorial@businessconexion.com