South Korean Finance Minister said Tuesday that the government should keep working on to improve the fiscal soundness despite of the country's "comparatively healthy" financial status.
During an international forum held in Seoul, Finance Minister Yoon Jeung-hyun said the South Korea remains at a comparatively better level than other advanced countries in terms of fiscal soundness though it has deteriorated in the process of overcoming the current economic crisis.
"Nevertheless, focused efforts are further needed to keep up the fiscal soundness as an increase in public spending demand is expected down the road," he added.
His comments came as some experts are worrying that increased government spending may deteriorate the nation's fiscal soundness by piling debts and plunging tax revenues.
South Korea has expanded its fiscal spending with an extra budget of 28.4 trillion won (22.3 billion U.S. dollars), which was ratified in the National Assembly in late April.
Amid rising concerns over the fiscal health, the finance minister said that the South Korean government is working on a mid-term fiscal management plan focused on reforming its expenditure processes and expanding the tax revenue.
He also stressed the importance of joint efforts in the international society not just in overcoming the crisis but also in enhancing fiscal soundness."
Source: Xinhua
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