Finance Minister Hong Nam-ki has dismissed concerns over the government plan's to significantly raise the next year. 

Standing before the National Assembly Special Committee on Budget and Account to explain the record-high 556 trillion won budget plan, Hong said it marks an increase by eight-point-five percent from this year and will not bring about a fiscal crisis or sovereign debt default for the country. 

He said the government would submit a budget designed to maximize the government’s fiscal role within a scope it can handle. 

Hong also sought to assuage concerns by saying that most of the Organization for Economic Cooperation and Development(OECD) members are taking expansionary fiscal measures and that South Korea’s are relatively modest. 

The minister articulated that South Korea’s general government debts jumped by around seven percentage points following four supplementary budgets this year, as opposed to the OECD average of 15 to 20 percent.