Gov't allocates 75% of next year's state budget for first half of the year
Finance ministry headquarters at the government complex in the city of Sejong / Courtesy of Ministry of Economy and Finance
The finance ministry said Tuesday it will frontload 75 percent of next year's expenditure budget in the first half in a move to spur innovation and support economic recovery.
The Cabinet approved a plan to execute 468.3 trillion won ($318.26 billion) out of the 624.8 trillion won annual spending in the January-June period, according to the Ministry of Economy and Finance.
The expenditure covers the general and special accounts and excludes government funds.
The spending will focus on supporting a technology-driven "ultra-innovation" economy, strengthening the social safety framework, enhancing public safety and advancing diplomacy and security that prioritize national interest, the ministry added.
Since 2023, the government has maintained a first-half allocation ratio of 75 percent.