SEOUL, Dec. 16 (Xinhua) -- South Korea is not likely to raise its key interest rate in the first half of 2010 as the private sector is expected to gain momentum in the third quarter, the vice minister of the strategy and finance ministry said Wednesday.

    According to First Vice Finance Minister Hur Kyung-wook, it is hard to be precise on the timing of a key interest hike, for it is the central bank's jurisdiction, but it should come under the condition that the private sector grows robust or "fully entrenched."

    "There should be at least another half year before the private sector becomes fully entrenched," Hur told a press conference, adding that an interest hike in the first half of 2010 may not be realized.

    The remarks came after the finance ministry participated in a meeting with related government bodies, such as the Fair Trade Commission and the Financial Services Commission, and President Lee Myung-bak in order to make a publicly open presentation of their policy objectives for 2010 and to hold an open discussion on current economic issues.

    The finance ministry is planning to focus on job creation, enhancing the quality of the nation's economy and strengthening the global capacity and elevating the nation's status, the ministry said in a report.

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