April 24, 2024

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[THE INVESTOR] South Korea’s finance minister said on Jan. 4 that the government will fully commit to frontloading its budget spending in the first quarter to cope with rising domestic and global economic uncertainties.

"Facing strong headwinds inside and outside the country, the South Korean economy will likely lose recovery momentum," Finance Minister Yoo Il-ho said in a meeting on fiscal spending in Seoul.

In order to stop the downside business cycle, the government will pour more than 30 percent of the 400.5 trillion-won budget earmarked for 2017 in the first three months of the year. The finance minister asked the government ministry and agencies to execute the frontloaded budget as scheduled.

"There are some 7,000 projects worth 400 trillion won this year and each minister should do its best to carry out the projects in order to help the economy get on the recovering track," said Yoo.

(theinvestor@heraldcorp.com)