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South Korea's finance minister vows efforts towards economic recovery

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Staff writer ▼ | April 6, 2016
South Korea's finance minister said that he is making all-out efforts toward economic recovery and structural reforms to tide over rising uncertainties at home and abroad.
Yoo Il-ho
Asia   The S&P delegation was in Korea
"The South Korean government is taking expansionary fiscal policies to revive the economy through external and internal risk management, sweeping structural reform and establishment of future growth engines," Finance Minister Yoo Il-ho said at a meeting with a delegation of Standard & Poor's in Sejong, the administrative capital of South Korea.

During the meeting, Yoo and S&P officials discussed the country's overall economic situation and credit status.

The global credit appraiser said that the sovereign credit of Asia's fourth-largest economy remains "solid" on relatively steady economic growth and favorable fiscal soundness.

The S&P delegation led by Kim Eng Tan, senior director of S&P Asia Pacific Sovereign Ratings, is on a four-day visit to South Korea to meet with policymakers from government agencies, including the finance ministry, the Financial Services Commission and the Bank of Korea.

S&P upgraded a sovereign rating on South Korea to AA- from A+ in September last year, with a stable rating outlook.