Korea’s fiscal spending outperforms target

South Korea has executed nearly 64 percent of its annual fiscal spending budget so far this year, better than its target, the finance ministry said Monday.

According to the ministry, the government had carried out 191.1 trillion won ($187.5 billion) worth of fiscal spending projects as of July, or 63.8 percent of its planned spending. The ratio is higher than its target of 63.2 percent. “We have achieved the target thanks to aggressive efforts by the government and state-run organizations,” the ministry said in a press release.

The government has been trying to front-load its expenditures to help boost the slowing economic growth.

The ministry said that it will actively try to find new revenue sources, while prioritizing spending plans that could have a large impact on the economic recovery. (Yonhap)