The government posted a budget deficit of nearly W100 trillion until November last year because it pushed through four supplementary budgets despite dwindling tax revenues (US$1=W1,095).
The country’s sovereign debt soared to a record W826 trillion.
According to the Ministry of Economy and Finance on Tuesday, the government’s budget deficit reached W98.3 trillion from January to November last year, more than double the W45.6 trillion deficit a year earlier. The deficit swelled to an estimated W118.6 trillion by December.
The national debt soared to a record W826.2 trillion as of November as a result of a massive increase in government spending.
The figure was up a whopping W128 trillion from the previous year and reached an estimated W846.9 trillion by December.
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