(MENAFN) According to South Korea's Finance Ministry, the combined debt of the country's public firms and institutions is projected to hit USD502 billion in 2015, QNA reported.
The estimated number is USD2.80 billion less than the previously forecasted debt, with expectations that debt ratio to come in at 214 percent next year, the ministry said.
The South Korean president has announced a three-year plan to reform public institutions starting this year, aiming to cut debt in the public sector, with expectations that it will fall by USD11.03 billion.
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