South Korea's election watchdog on Thursday urged the Finance Ministry to maintain a "neutral" stand ahead of the parliamentary elections next week, after the ministry voiced disapproval of campaign pledges by some political parties.

"During an election period, government agencies have an obligation to refrain from all acts that could possibly influence elections," the National Election Commission said after a general meeting earlier in the day.

The move came after the Finance Ministry's so-called "welfare task force," set up earlier this year to assess feasibility of welfare policy proposals by both the ruling and the opposition parties, said that such programs cost at least 268 trillion won ( 238 billion U.S. dollars) over the next five years.

Voicing concerns over the long-term fiscal sustainability of welfare pledges, the ministry said implementing them will " inevitably" bring about an increase in tax and government bond issuance.

"Election laws stipulate that free competition among political parties should not be distorted by government intervention," the watchdog said, adding the ministry's critical assessment of the welfare pledges could have "unjustified influence" on the April 11 elections.

The Finance Ministry, while refusing to concede it had attempted to intervene in the elections, said it respects the election body's decision.