The South Korean government plans to hold a meeting this weekend over its mid-term fiscal policies amid a worsening budget balance, the finance ministry said Friday.
According to the Ministry of Strategy and Finance, South Korean President Lee Myung-bak will host a meeting with cabinet members to discuss on the nation's fiscal policy and budget allocation direction until 2013.
As the global economic crisis seems to linger till 2010, the government is considering ways to overcome the crisis with the help of finances and to keep the nation's financial status balanced," Vice Finance Minister Lee Young-geol said.
Based on the results of the meeting, the government will provide a 2010 budget agenda to related ministries by the end of May, the vice minister said.
The meeting comes amid growing worries over South Korea's fiscal soundness as the government has unveiled various stimulus packages including tax cuts and expanded state spending.
Last month, South Korean parliament ratified a record 28.4-trillion-won (23 billion-U.S. dollar) extra budget in addition to the 284.5-trillion-won (230.4 billion-U.S. dollar) annual budget for 2009.
Source: Xinhua
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