Republic of Korea via flickr
This is the first move of this kind for the previous 13 years.
"We're making cuts to our spending. The previous administration incurred substantial debt, which we are unable to pay," the country’s finance minister, remarked.
He claimed that the COVID-19 pandemic-era administration of President Moon Jae-in, which preceded the present administration, left behind a huge budget deficit. Currently, the anticipated budget for the upcoming year is 679 trillion won ($521 billion).
source: reuters.com
"We're making cuts to our spending. The previous administration incurred substantial debt, which we are unable to pay," the country’s finance minister, remarked.
He claimed that the COVID-19 pandemic-era administration of President Moon Jae-in, which preceded the present administration, left behind a huge budget deficit. Currently, the anticipated budget for the upcoming year is 679 trillion won ($521 billion).
source: reuters.com
