Fiscal strategy summit today

Korea will hold a weekend meeting to discuss strategies for securing sustainable state finances to fend off future fiscal crises, the Ministry of Strategy and Finance said yesterday. President Lee Myung-bak will preside over the Saturday meeting in which cabinet members and private-sector analysts will talk about the nation’s fiscal management plans for the 2011-2015 period, according to the ministry. “Our country has seen a steady improvement in fiscal health since it emerged from the global financial crisis. And its recovery pace is faster and better than other advanced nations,” the ministry said. “But we are not sure that healthy fiscal conditions will be sustainable since numerous mid- and long-term risk factors linger, such as a possible reduction of growth potential, a low birthrate and an aging population.” The ministry noted that the next few years will be “critical” to lay the groundwork for mid- and long-term fiscal soundness and pre-emptively cope with any risks that threaten the nation’s fiscal condition. Yonhap