Finance minister Choo Kyung-ho has opposed the idea of a supplementary budget aimed at boosting economic growth by saying that incurring more debt will be detrimental to maintaining fiscal soundness and the country's global credit standing.

Responding to a question by an opposition party lawmaker during a parliament budget committee meeting Thursday, Choo said that national debt has increased due to the expansionist and lax fiscal management under the previous government and if spending rises in a similar pattern to the past, South Korea's credit rating will surely take a hit.

He said that growth is led by the private sector, businesses and the market while government coffers are spent only on essential areas such as public safety and protecting the socially vulnerable.

Choo reiterated the importance of fiscal soundness and the principle of selection and concentration when it comes to expenditure.

On economic prospects, the minister said that as conditions were extremely difficult in the year's first half, the situation will improve in H2.