The Lee Jae-myung government will begin a high-intensity expenditure restructuring to secure the budget for its national tasks.
Vice Minister of Economy and Finance Lim Gi-nam noted during the ‘Expenditure Efficiency Major Ministries Meeting’ held at the Government Seoul Building on the 16th that "we must thoroughly inspect habitual and wasteful expenditures and ensure that sufficient funds are backed in essential areas such as the national tasks of the new government," adding that "there is a need to promote high-intensity expenditure efficiency when preparing next year's budget proposal."
Vice Minister Lim ordered that "we must boldly abolish projects with poor execution and performance while ensuring that small wasteful expenditures, which may not be visible, are also inspected without exception."
The meeting took place as a follow-up to the Cabinet meeting the previous day. President Lee Jae-myung instructed at the previous day's Cabinet meeting, "Each ministry must boldly adjust habitual or inefficient wasteful budgets and reflect the opinions of the people broadly in the budget preparation process to ensure efficient budget preparation."
A Ministry of Economy and Finance official said, "We plan to reinvest the resources secured through expenditure restructuring in advancing each ministry's national tasks of the new government and enhancing our economy's growth potential, including realizing 'super-innovation economy,'" adding that "we will faithfully include these contents in the budget proposal for next year, which will be submitted to the National Assembly in early September after close consultation with the relevant ministries."