Gov't to front-load 75 % of next year's state budget in H1

The finance ministry said Tuesday that 75 percent of fiscal spending for 2025 will be allocated for implementation in the first half of the year to better support vulnerable populations.

The Cabinet approved a plan to front-load 431.1 trillion won ($288.6 billion) from next year's total fiscal budget of 574.8 trillion won during the January-June period, according to the ministry.

The spending will primarily focus on assisting low-income and other vulnerable groups, as well as supporting small self-employed businesses, the ministry added.

In addition, the budget prioritizes early allocation for projects requiring swift implementation, such as fostering advanced industries and boosting economic vitality.

"Our top priority is to ensure that the budget is effectively executed starting in January," Finance Minister Choi Sang-mok told a parliamentary committee.

Regarding the main opposition Democratic Party's call for a supplementary budget, Choi emphasized that the focus should be on the swift execution of the fiscal plan.

"We will continue to monitor external uncertainties and domestic economic conditions next year and consider appropriate countermeasures as needed," Choi added. (Yonhap)