The government says it will use foreign exchange equalization funds to deal with this year’s massive tax revenue shortfall, which is expected to reach 29-point-six trillion won, or about 21-point-34 billion U.S. dollars.

The finance ministry announced the plan Monday, saying it will not issue additional government bonds but will instead draw on government resources and reduce local subsidies.
 
The government plans to use up to 16 trillion won worth of public funds, including up to six trillion won worth of foreign exchange equalization funds. 

Local subsidies are expected to see a nine-point-seven trillion won cut. 

The ministry expects to have between seven trillion won and nine trillion won in unused budget funds, allocated for projects that were not implemented this year.