South Korea to boost efforts to strength fiscal soundness

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.