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National Debt Expected to Increase

Posted September. 11, 2006 06:03,   


At the end of the next year, the national debt is expected to increase to more than 300 trillion won.

According to a report made by related ministries such as the Ministry of Planning and Budget and Ministry of Finance and Economy yesterday, the government plans to issue nine trillion won in national bonds to make up deficits and 14 trillion won in national bonds to stabilize the currency exchange market. If this plan comes into reality, the national debt will increase to 306 trillion won.

Divided by the number of population, national debt per head could reach as much as 6.28 million won at the end of the next year.

The national debt of this year is estimated to be 283 trillion won, which is three trillion more than previous estimates. Such an increase is mainly caused by 1.3 trillion won in national bonds issued to cover the restoration of flood damage and the increase of the limitation of national housing funds bonds from nine trillion won to 11.25 trillion won.