Deputy Prime Minister and Finance Minister Hong Nam-ki says South Korea’s default risk is at the lowest since the 2008 financial crisis. 

Speaking at a press conference with foreign correspondents in Seoul on Wednesday, Hong said the credit default swap(CDS) premium on five-year foreign currency bonds issued by the government stood at 20 to 22 basis points recently, the lowest since the 2008 crisis. 

The CDS premium reflects the risk of sovereign debt default. 

The comparative figure for the country fell from 53 basis points in late 2017 to 22 basis points in late 2019, but it climbed back to 57 basis points in March following the outbreak of COVID-19. 

Pointing to other stable economic indices such as sovereign credit rating and foreign investment in the country, the minister promised the government will thoroughly manage risk factors at home and abroad so Korea's economic recovery and rebound will not be disrupted.