SEOUL, Feb. 26 (Yonhap) — South Korea plans to sell 8 trillion won (US$7.1 billion) worth of Treasury bills next month in a bid to fund its expansionary fiscal policy, the finance ministry said Friday.

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

With the debt sale, the outstanding amount of Treasury bills is expected to rise to 15 trillion won next month.

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

The ministry said the proceeds from the sales will be used to support major state projects and repay maturing debt.

This undated photo, provided by the Ministry of Economy and Finance, shows the exterior of the ministry building in the administrative city of Sejong, some 120 km south of Seoul. (PHOTO NOT FOR SALE) (Yonhap)