South Korea plans to sell 4 trillion won ($3.54 billion) worth of Treasury bills in May to shore up government coffers, the Finance Ministry said Monday.
Treasury bills are intended to raise money so the government can cope with short-term financial shortfalls. Such bonds generally mature in less than one year, with those to be sold next month to come due in 63 days.
The debt issuance will take place from next Wednesday through May 30 in four different sessions, the ministry said. Each session will offer 1 trillion won in Treasury bills.
The extra cash is needed as the government plans to front-load around 60 percent of this year’s budget in the first half, to help boost the country’s economic growth.
The government said the country’s economy could grow 3.7 percent this year, compared with 3.6 percent growth tallied in 2011. (Yonhap News)