South Korea to plans to normalize COVID-19 related emergency spending to pre-pandemic levels

✔ Fact Checked by TDPel News Desk

By Pelumi Emmanuel

Published: March 29, 2022 | 1:23 PM

According to the Ministry of Economy and Finance, the government plans to normalize COVID-19-related emergency spending to pre-pandemic levels and make efforts to secure fiscal space to support new policy goals by the incoming government under the 2023 budget guidelines, which were approved by the Cabinet.

Government ministries and agencies will use the guidelines to draw up their spending plans by end-May for the 2023 national budget.

But details could be changed later in line with policy objectives to be laid out under the incoming Yoon Suk-yeol administration.

South Korea has maintained an expansionary fiscal policy and drawn up seven rounds of extra budgets to cope with the fallout of the COVID-19 pandemic.

As a result, the country’s national debt has increased at a fast pace and its fiscal deficit has sharply widened.

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About Pelumi Emmanuel

Pelumi Emmanuel is an accomplished writer and journalist with over 15 years of experience in the industry. He is a passionate and dedicated professional who is committed to producing high-quality content that informs, engages, and entertains readers. Pelumi’s love for reading and writing is evident in his work, which has been read worldwide and has garnered him a loyal following. His journalistic expertise is matched only by his natural talent for storytelling, making his articles both informative and engaging. He lives in California, USA.