South Korea plans to sell 4 trillion won (US$3.08 billion) worth of Treasury bills next month to fund fiscal spending, the finance ministry said Friday.

The bills, which have a maturity of 63 days, will be sold in four separate auctions, according to the Ministry of Economy and Finance.

Treasury bills are usually floated to raise money to cover short-term financial shortfalls and are generally sold with a maturity of less than a year. The debts should be repaid within the year of issuance.

Source: Yonhap News Agency