SEOUL-- South Korea will consider designating the southeastern port city of Pohang, which was hit hard by a powerful earthquake, as a special disaster area, the finance minister said Thursday.

"After checking the damages and losses in Pohang, the government will consider the designation," Finance Minister Kim Dong-yeon said at a press briefing in Seoul.

He said the finance ministry will seek ways to give fiscal support to those in need and use emergency funding if necessary.

On Wednesday, a 5.4 magnitude earthquake struck Pohang at 2:29 p.m., injuring nearly 60 people and damaging buildings, windows and cars.

The South Korean government postponed the state-run college entrance exam nationwide by a week, as the quake caused cracks in some school buildings in Pohang.

Source: Yonhap News Agency