SEOUL, Oct. 26 (Xinhua) -- South Korea's fiscal deficit declined on-month in August as the government kept on cutting its expenditure to bolster the economy, the finance ministry said in a report Monday.

    According to the Ministry of Strategy and Finance, the country's cumulative fiscal deficit, as of the end of August, posted 16.34trillion won (13.8 billion U.S. dollars), down 1.3 trillion won from a month earlier.

    At the end of June, the country's cumulative fiscal deficit stood at 27.96 trillion won.

    The South Korean government currently is making efforts to meet its annual fiscal deficit target of 22 trillion won (18.38 billion U.S. dollars).

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