Korean government, ruling and opposition party officials are set to gather for a meeting later this week, political sources said Thursday, where they will discuss challenges facing the national economy and ways to improve people's quality of life.

The meeting, slated for Friday, came after President Park Geun-hye agreed earlier this month to organize talks between the finance minister and top policymakers from major parties.

She also vowed to hold consultative discussions with heads of political parties on a regular basis, a move that can help the government forge cooperative ties with the incoming 20th National Assembly.

The government's latest move to expand communications with the parties came as the ruling Saenuri Party suffered a defeat in the April 13 polls and failed to secure a majority in the 300-seat National Assembly.

Administration critics have claimed that Park's reluctance to listen to various voices from the public led to the defeat in the elections.

Finance Minister Yoo Il-ho is expected to participate in the meeting on Friday, sources said. Policy officials from the ruling Saenuri Party, as well as the opposition Minjoo Party and the People's Party, will also join the gathering.

The kickoff of the first meeting between government-political party offices remained unclear following the clash over the status of the song "March for the Beloved" at the ceremony to commemorate the May 18 democracy movement.

Since 1997, the uprising's signature song had been officially sung by attendees of the national ceremony every year, but the government of former President Lee Myung-bak decided in 2009 to have a choir perform the song.

Parliamentary sources, meanwhile, said the government and parties agreed to hold the meeting as planned to discuss ways to prevent the slowing down of the national economy.

The government and the ruling party are expected to focus on rolling out policies on adding flexibility to the local labor market, while the opposition parties are set to demand fundamental solutions to the sluggish economy. (Yonhap)