Seoul: The budget ministry announced plans to execute 393.8 trillion won (US$267.2 billion) in public spending during the first half of this year to aid economic recovery. This initiative marks an increase of 3.5 trillion won from the same period last year.
According to Yonhap News Agency, the Ministry of Planning and Budget outlined the January-June execution plan, aiming to bolster economic stability amidst global uncertainties, such as the impact of U.S. tariffs. Acting Budget Minister Lim Ki-geun emphasized the need for concentrated fiscal efforts during the initial half of the year at an interagency fiscal execution review meeting.
Significantly, over 70 percent of the 34.5 trillion won allocated for pivotal projects, including those related to artificial intelligence (AI), and programs supporting small business owners and low-income households, is scheduled for execution in the first half. The ministry also noted that the execution target rate has been set at approximately 60 percent, taking into consideration the economic projections for 2026.