The South Korean government will continue to make policy efforts to strengthen the country’s fiscal soundness, according to finance Minister Hong Nam-ki. The top economic policymaker made the remarks as the country’s national debt has grown at a fast pace during the COVID-19 pandemic. He said the government will push for policy efforts to enhance fiscal health, including the introduction of a rule-based fiscal framework. Hong said the incoming government of President-elect Yoon Suk-yeol must adopt a new fiscal rule as around 150 nations have such fiscal frameworks to enhance the soundness of public finances.
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