Finance minister calls for $430M hike in reserve funds in wake of U.S. election

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Finance minister calls for $430M hike in reserve funds in wake of U.S. election

Published: 06 Nov. 2024, 18:44 Updated: 07 Nov. 2024, 09:17

Finance Minister Choi Sang-mok speaks during a parliamentary session in Seoul on Wednesday. [YONHAP]

Finance Minister Choi Sang-mok said Wednesday the government has sought a 600 billion won ($429.12 million) increase in state reserve funds to better brace for market uncertainties stemming from the U.S. presidential election and other external issues.

"The government has asked for a 600 billion won increase in next year's reserve funds as we need to be prepared for volatility that can be caused by this year's presidential election and other issues," Choi said during a parliamentary audit session.

The finance ministry earmarked 4.8 trillion won in reserve funds for 2025, up 14.3 percent from this year's 4.2 trillion won, according to its budget report presented to the National Assembly.

Choi did not elaborate on where and how the funds will be used, though officials say the government may need a larger budget to properly manage growing uncertainties with regard to global political circumstances, geopolitical issues, infectious diseases and climate change among other things.

Yonhap