South Korea’s president stresses strict fiscal management

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South Korea’s president stresses strict fiscal management

SEOUL: South Korean President Yoon Suk Yeol on Tuesday reaffirmed his administration’s commitment to enhancing fiscal soundness, calling reckless spending as “exploitation of future generations”.

“It is exploiting future generations if we pass on the unbearable pain to them through reckless fiscal spending,” Yoon said at the beginning of a cabinet meeting, while stressing the need for strict control of fiscal spending.

He said government debt rose by about 400 trillion won ($303.08 billion) during five years under the previous government, referring to a 55 percent rise in debt between 2016-2021 mainly due to spending growth to fight the COVID-19 pandemic. ($1 = 1,319.8000 won)

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