Minister Park Hongkeun: "50 Trillion Won to Be Secured Through Spending Restructuring"

Hongkeun Park, Minister of Planning and Budget, is speaking at the '2026 Supplementary Budget Party-Government Council' held at the National Assembly on March 26, 2026. Photo by Hyunmin Kim

As the government has announced plans for intensive spending restructuring, Minister of Planning and Budget Hongkeun Park stated on the 15th that the government will secure 50 trillion won through spending restructuring.

Appearing on MBN News Wide that day, Minister Park said, "For next year's budget proposal, we aim to cut discretionary spending by 15% and mandatory spending by 10%. By combining just these two, we will secure about 50 trillion won, which will be prioritized for initiatives that the country needs most."

He emphasized that "next year's budget will be the first to be fully overseen by the Lee Jaemyung administration," highlighting the importance of realizing the administration's policy goals such as a major shift in the growth paradigm, artificial intelligence (AI) and energy transition, local-led growth, and alleviating polarization.

When asked whether a second supplementary budget could be implemented if the Middle East crisis becomes prolonged, he responded, "What is important right now is to ensure that this supplementary budget, which has already been approved, is executed quickly in order to maximize its effect."

However, Minister Park added, "No one can predict how much worse or how much longer the situation in the Middle East will get," and noted, "It is premature to make assumptions about something that is unpredictable."

Minister Park also explained that it would be possible to confirm next month whether people will be eligible for high oil price compensation. He added, "Since the trend is that prices are expected to rise overall, there is an intention to use these funds not only to respond to high oil prices but also to ease the burden of inflation in general."

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