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Business & Finance

South Korea to allocate 72.4% of 2021 fiscal outlays in first half

  • A total of 333.1 trillion won ($307.4 billion), or 72.4%, will be allocated to be spent in the first half, up from 71.4% in the comparable period this year.
08 Dec 2020

SEOUL: South Korea plans to spend most of its annual fiscal budget in the first half of 2021 to shore up growth hit by the coronavirus pandemic, the finance ministry said on Tuesday.

A total of 333.1 trillion won ($307.4 billion), or 72.4%, will be allocated to be spent in the first half, up from 71.4% in the comparable period this year.

The decision is to speed up public projects and any contracts that requires financing from the government in advance, the ministry said.