When will South Korea begin reviewing spending cuts for its 2028 budget proposal?

The Ministry of Planning and Budget said it will begin identifying spending restructuring tasks in November. The measures are intended for inclusion in the 2028 budget proposal.

How much spending did South Korea plan to cut from its 2027 budget proposal?

The 2027 budget proposal incorporated 88 spending-cut measures totaling 44.2 trillion won, or $33.4 billion. The ministry said the measures were part of efforts to improve spending efficiency.

Budget ministry to start early review of 2028 spending cuts

Q: How will AI be used in South Korea’s review of government spending?

The ministry plans to use AI assistants to thoroughly review potential spending-cut tasks, including issues raised by the National Assembly, the audit board and the press. It said the assistants will analyze similar cases abroad to help develop solutions.

Listen

Summary

The Ministry of Planning and Budget will begin identifying spending restructuring measures in November for inclusion in the 2028 budget proposal. The review follows the incorporation of 88 spending-cut measures worth 44.2 trillion won into the 2027 budget proposal. Budget Minister Park Hong-geun said the government plans to identify inefficient spending more promptly and involve private-sector experts and civil society groups. The ministry also plans to use AI assistants to review potential tasks and analyze similar cases abroad.

Key Facts

The ministry said it would consider issues raised by the National Assembly, the audit board and the press when reviewing potential spending cuts.
The government plans to use AI to analyze similar cases abroad and develop what the ministry described as reasonable solutions.
The 44.2 trillion won in planned cuts was equivalent to $33.4 billion.

By Yonhap

Published Oct 26, 2026 2:09 pm KST

Budget Minister Park Hong-geun speaks during a parliamentary audit held at the National Assembly in Seoul, Friday. Yonhap

Korea's budget ministry said Monday it will begin reviewing spending restructuring measures in November for inclusion in the 2028 budget proposal, as part of efforts to develop detailed plans to improve spending efficiency.

The Ministry of Planning and Budget unveiled the plan after incorporating 88 measures to cut spending by 44.2 trillion won ($33.4 billion) into the 2027 budget proposal.

"In 2027, we plan to eliminate inefficient spending more promptly and precisely," Budget Minister Park Hong-geun said during a meeting of the Fiscal Management Strategy Committee.

"We plan to begin identifying tasks in November and expand participation by private-sector experts and civil society groups," Park added.

The budget ministry said it plans to harness artificial intelligence (AI) technologies to identify such tasks.

"The government plans to use AI assistants to thoroughly review potential tasks, including issues raised by the National Assembly, the audit board and the press, and develop reasonable solutions by analyzing similar cases abroad," the ministry said.

Explore More