S. Korea expects record debt in 2005

SEOUL, Sept. 25 (UPI) -- The Korean government expected Saturday outstanding national debt to rise to an all-time high of $212.3 billion in 2005.

The amount is equal to 29 percent of the projected 2005 gross domestic product, the Korea Times reported Saturday

The deficit was expected as the Roh Moo-hyun administration planned to issue more bonds.

The government's 2005 budget proposal predicts state debt will increase by 19.4 percent, with the ratio of debt to GDP reaching 29 percent, up from 26 percent this year and 23 percent in 2003.