Seoul, Aug 22 (IANS): South and North Korea will hold high-level talks on Saturday amid growing tension, Seoul's presidential office said.

The talks will take place at the border village of Panmunjom in an effort to try to defuse tensions on the Korean Peninsula from further escalation, Yonhap News Agency reported.

South Korea's National Security Advisor Kim Kwan-jin and Unification Minister Hong Yong-pyo will meet with Kim Yang-gon, the top official in charge of South Korean affairs, and Hwang Pyong-so, director of the general political department of North Korea's militar, a senior official said.

North Korea set 5.00 p.m. Saturday as the deadline for South Korea to halt anti-Pyongyang propaganda broadcasts along the heavily fortified border and dismantle all loudspeakers.

Pyongyang has threatened to launch "strong military action" if South Korea defies the ultimatum.

North Korea late Friday also warned that it is prepared to engage in an "all-out war".