ID :
201784
Wed, 08/17/2011 - 06:39
Auther :
Shortlink :
https://oananews.org//node/201784
The shortlink copeid
S. Korea to keep tabs on financial markets: minister
SEOUL, Aug. 17 (Yonhap) -- South Korea will continue to closely monitor financial market conditions as concerns linger over the fiscal debt in Europe and an economic slowdown in the U.S., Seoul's top economic policymaker said Wednesday.
"Financial markets at home and abroad are stabilizing ... but concerns over possibly drawn-out fiscal woes in Europe and an economic slowdown in the U.S. still remain," Finance Minister Bahk Jae-wan told an economic policy coordination meeting held in central Seoul.
"We need to closely monitor market conditions and take actions in a preemptive manner," he added.
South Korea's financial markets suffered tumultuous trading last week, affected by the downgrade of the U.S. credit rating and growing worries over the European debt crisis. Stock markets, in particular, tumbled mainly due to massive foreign sell-offs.
Bahk said that the recent market turmoil, however, served as a "medicine that tastes bitter but is good for one's health" as it reminded many people of the importance of keeping fiscal soundness.
The minister noted that he will "strictly" review the nation's budget proposals for next year from the perspective of attaining fiscal sustainability, while calling for cooperation from all government agencies.
The nation's ministries and agencies are seeking a combined 332.6 trillion won (US$309.9 billion) for their 2012 budget, a 7.6 percent increase from this year. The finance ministry will submit its final budget proposal for next year to the National Assembly for approval by the end of September.
On Monday, President Lee Myung-bak emphasized the importance of fiscal soundness during his Liberation Day speech, pledging to do his "utmost to realize a balanced budget" in 2013, one year ahead of the government's earlier plan.
"Financial markets at home and abroad are stabilizing ... but concerns over possibly drawn-out fiscal woes in Europe and an economic slowdown in the U.S. still remain," Finance Minister Bahk Jae-wan told an economic policy coordination meeting held in central Seoul.
"We need to closely monitor market conditions and take actions in a preemptive manner," he added.
South Korea's financial markets suffered tumultuous trading last week, affected by the downgrade of the U.S. credit rating and growing worries over the European debt crisis. Stock markets, in particular, tumbled mainly due to massive foreign sell-offs.
Bahk said that the recent market turmoil, however, served as a "medicine that tastes bitter but is good for one's health" as it reminded many people of the importance of keeping fiscal soundness.
The minister noted that he will "strictly" review the nation's budget proposals for next year from the perspective of attaining fiscal sustainability, while calling for cooperation from all government agencies.
The nation's ministries and agencies are seeking a combined 332.6 trillion won (US$309.9 billion) for their 2012 budget, a 7.6 percent increase from this year. The finance ministry will submit its final budget proposal for next year to the National Assembly for approval by the end of September.
On Monday, President Lee Myung-bak emphasized the importance of fiscal soundness during his Liberation Day speech, pledging to do his "utmost to realize a balanced budget" in 2013, one year ahead of the government's earlier plan.
