Finance Minister: Gov’t to maximize 2023 budget spending in Q1

Deputy Prime Minister and Finance minister Choo Kyung-ho revealed the plan on Friday while chairing a central-regional government meeting in Seoul. [Photo by Yonhap]

The Korean government plans to speed up the execution of this year’s budget worth 638.7 trillion won ($513.5 billion) to respond to a projected slowdown in the nation’s economy.

Deputy Prime Minister and Finance minister Choo Kyung-ho revealed the plan on Friday while chairing a central-regional government meeting in Seoul.

In the face of a severe economic situation, the government will manage the budget execution planned for the first half “at a faster pace, at a greater scale and in a more effective way,” Choo said. The government is pushing to maximize execution in the first quarter with a goal of spending 65 percent of the total, the highest level ever to bring about policy effects as soon as possible, he emphasized.

Touching on consumer prices, Choo asked local public enterprises to refrain from raising utility bills this year through such as cost reduction and productivity improvement.