Yoon: "Previous Government Increased National Debt by 400 Trillion Won... Need to Improve Fiscal Spending Efficiency"

Presiding Over Cabinet Meeting for Budget Deliberation and Resolution
"24 Trillion Won Expenditure Restructuring... Focused Investment on Necessary Tasks"

President Yoon Suk-yeol is speaking at the Cabinet meeting held on the 27th at the Yongsan Presidential Office Building in Seoul. [Image source=Yonhap News]

President Yoon Suk-yeol stated on the 27th, "Sound fiscal management has been the fundamental principle of finance upheld by the government through the preparation of three budget proposals," adding, "We must tighten our belts, boldly reduce inefficient expenditures, and properly invest in areas that must be funded to enhance the efficiency of fiscal spending."

On the same day, President Yoon presided over a Cabinet meeting at the Yongsan Presidential Office in Seoul to review and approve next year's budget proposal. He said, "The 2025 budget proposal reflects the government's intense deliberation and efforts for efficient fiscal management."

President Yoon emphasized the necessity of sound fiscal management. He first pointed out, "The previous administration increased the national debt by more than 400 trillion won over five years," and lamented, "This significant increase in fiscal burden has made it difficult for the government to operate effectively."

He explained that since the government's establishment in 1948 until 2017, the cumulative national debt over 69 years was 660 trillion won, but it surged to 1,076 trillion won in just five years, creating a challenging environment for government operations. He also expressed concern that, especially due to aging population, substantial difficulties are expected in fiscal management centered on health insurance and pension expenditures.

President Yoon introduced, "We re-examined the validity and effectiveness of all fiscal projects and implemented a total expenditure restructuring of 24 trillion won," adding, "The resources saved through this were intensively invested in tasks that the state must undertake." He continued, "Our government has continuously broken down barriers between ministries and departments to quickly resolve livelihood issues," emphasizing, "Following this approach, we expanded collaborative budgeting so that multiple ministries can plan and execute projects together beyond departmental boundaries."

President Yoon added, "The budget proposal is like a map that contains the direction and philosophy of next year's national administration," and said, "I hope Cabinet members and government officials will clearly explain to the public and the National Assembly what considerations are embedded in the budget proposal and what changes it aims to bring about."

This content was produced with the assistance of AI translation services.