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| ▲ Finance Minister Choo Kyung-ho speaks during a meeting with economy-related ministers in the central city of Sejong on Dec. 29, 2022, in this photo released by the Ministry of Economy and Finance. (PHOTO NOT FOR SALE) (Yonhap) |
finance ministry-budget
S. Korea seeking to execute 65 pct of annual budget in H1: finance minister
By Kang Yoon-seung
SEOUL, Dec. 29 (Yonhap) -- South Korea's Finance Minister Choo Kyung-ho said Thursday the government will seek to frontload around 65 percent of the 2023 national budget in the first half to tackle ongoing economic challenges.
"To proactively cope with the economic situation, (the government) plans to promptly implement a record level of at least 65 percent (of the annual budget) in the first half of 2023," Choo said during an emergency meeting with economy-related ministers.
Choo said the measure came as the deteriorating economic situations abroad are set to weigh down Asia's No. 4 economy, especially in early 2023, although conditions may improve later in the year.
The minister, however, said it was significant that the local financial market is gradually stabilizing.
"The won-dollar exchange rate, which earlier rose to the mid-1,400 won level, has recently fallen to the mid-to-high 1,200 won range, indicating that volatility has eased significantly," Choo said.
"But we cannot loosen up our vigilance considering major countries' inflation, speed of monetary tightening and economic slowdown," he added.
Last week, the National Assembly passed the 638.7 trillion-won (US$503 billion) government budget for 2023, 22 days after its legal deadline of Dec. 2.
The final package was down 314.2 billion won from the government proposal of 639.4 trillion won. It marks the first time in three years that the budget was decreased by parliament.
The finance ministry is planning to announce a detailed budget implementation plan next week, Choo said.
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