President Moon Jae-in will convene a meeting with top government and ruling party officials Thursday on next year's budget and midterm fiscal policy, according to his office.

The 2021 National Fiscal Strategy Meeting comes as South Korea is taking expansionary fiscal policy measures in the midst of the COVID-19 pandemic. Other participants include Prime Minister Kim Boo-kyum, Finance Minister Hong Nam-ki and Song Young-gil, head of the ruling Democratic Party.

They plan to discuss a 2021 state budget scheme and overall fiscal policy for the period of 2021-2025.

The president is expected to emphasize the need to maintain aggressive fiscal policies to overcome the coronavirus crisis and support the nation's bid for emerging as a "pacesetting" economy. (Yonhap)