The government plans to implement tighter fiscal rules as soon as they are enacted into law.

During an emergency economy meeting chaired by finance minister Choo Kyung-ho on Tuesday, it was decided that the government would immediately introduce the fiscal standards.

The rules strictly manage the fiscal deficit to improve the nation’s fiscal soundness, granting exceptions to the rules only in the case of war, massive disasters or an economic recession.

The government earlier said that under the tighter rules, it will seek to keep the deficit within three percent of the nation's gross domestic product(GDP).

Should the national debt exceed 60 percent of the GDP, however, the deficit-to-GDP ratio will be limited to two percent.