SEOUL Nov 30 South Korea's finance ministry
said on Wednesday the government's books will be in better shape
by the end of 2016 than it had forecast earlier as tax revenue
has been improving throughout the year.
Speaking to reporters in Sejong, south of Seoul, Cho
Kyoo-hong, deputy minister for fiscal affairs, said he sees the
nation's debt-to-gross domestic product at around 38.7 percent
or 38.8 percent by the end of this year, smaller than the
ministry's earlier forecast of 40.1 percent for 2016.
Cho said the government was able to reduce overall debt as
bonds that needed to be issued to fund the budget deficit were
While there has been a delay in the ministry's projection to
achieve a budget balance, Cho said debt-to-GDP won't exceed 40
percent in 2017 as expenditures will be controlled.
(Reporting by Cynthia Kim and Shin-hyung Lee)