President Park Geun-hye called Wednesday for efforts to speed up a fiscal reform to reduce state debts.

South Korea's operational fiscal balance was in the red by 30.2 trillion won ($27.6 billion) for the January-November period last year, the latest months for which statistics are available, according to the government data.

The balance has been on the negative side since 2008, reaching a peak in 2009 when it surged to 43.2 trillion won.

"We need to speed up a fiscal reform to minimize the public burden and faithfully support economic revitalization and the public's livelihoods," Park said in a meeting on fiscal strategy at the presidential office. 

She also called on officials to maintain the country's fiscal health, noting that government spending on welfare could rise, given the fast-aging population.

The government expects South Korea will become a super-aged society around 2026 when at least 20 percent of the people will be over 65. South Korea became an "aging society" in 2000, when the ratio topped 7 percent.

Experts have expressed concerns that the aging population, coupled with low birth rates, poses a serious threat to the nation's economy as it could lead to fewer working people and increased spending on health and welfare. (Yonhap)