South Korea plans to sell 4 trillion won ($3.5 billion) worth of Treasury bills this month to support its expansionary fiscal policy, the finance ministry said Thursday.
The bills will have a maturity of between 28 days and 63 days to be sold each in two separate auctions throughout the month, according to the Ministry of Strategy and Finance.
(Yonhap)
Treasury bills are usually sold to raise money to cover short-term financial shortfalls, and thus are generally sold with a maturity of less than a year.
The ministry said the proceeds from the Treasury sales will be used to speed up frontloading of the government spending in the coming months.
South Korea's government is pushing forward with using more than 70 percent of the 400.5 trillion-won budget earmarked for 2017 in the first six months of the year to pre-emptively cope with economic uncertainties at home and abroad.
The balance of Treasury bills is expected to reach 7 trillion won by the end of March, the ministry added. (Yonhap)
