South Korea will frontload 9.2 percent of next year's budget in the first quarter to help prop up economic growth, the government said Wednesday.

The finance ministry said it made the decision as the effect of the 11.53 trillion won ($9.84 billion) extra budget will end this year and could cause a drying up of state funds reaching the market.

The injection of money is also needed as the government will again mark up excise taxes levied on cars and large consumer appliances in the new year, which could hurt consumption.

A rise in private spending has helped fuel growth from the third quarter onwards.

Policymakers at the fiscal management meeting chaired by Vice Finance Minister Song Eon-seok in Seoul also said that in order for state funds to be spent as soon as possible, all plans for public bids and signing of order contracts will be concluded in early January.

In addition, some 3.5 trillion won in state funds has been earmarked to be used this year, so state programs can start from the outset of 2016.

The latest announcement comes after Seoul said it plans to spend some 58 percent of next year's 386.4 trillion won budget in the first half, so as to keep the country's growth momentum alive.

In 2015, Asia's fourth largest economy is expected to grow 2.7 percent, down from 3.3 percent in 2014. For the new year, numbers could rise to 3.1 percent.

The finance ministry said to ensure funds reach the market, it will keep close tabs on spending. It said every effort will be made to reduce the size of unused budget in 2016. (Yonhap)