South Korean President Yoon Calls for Fiscal Restraint, Emphasizes Budget Efficiency in2025 Budget
Seoul, August 27, 2024 – South Korean President Yoon Suk-yeol has called for fiscal restraint and efficiency in the 2025 budget, highlighting the significantincrease in national debt under the previous administration. During a cabinet meeting on Monday, where the budget was reviewed and approved, President Yoon expressed concerns about the financial burdeninherited from the previous government.
“In the past five years, national debt has increased by over 400 trillion won (approximately 2.14 trillion yuan),” President Yoon stated. “This substantial increase in fiscal burden posessignificant challenges for the current administration.”
He further emphasized that the national debt had reached 1,076 trillion won in just five years, compared to a cumulative debt of 660 trillion won over 69 years sincethe establishment of the South Korean government in 1948.
President Yoon acknowledged the challenges posed by an aging population, leading to increased spending on healthcare and pensions. He stressed the need for fiscal discipline, emphasizing the importance of reducing inefficient spending and prioritizing essential national projects.
“The government has consistently adhered tothe principle of sound fiscal management during the three budget formulation processes,” President Yoon said. “The 2025 budget reflects our efforts to utilize fiscal resources effectively.”
He highlighted the government’s decision to cut spending by 24 trillion won, reallocating these funds to critical national priorities. President Yoon alsoemphasized the government’s commitment to addressing social issues, allocating increased funds for collaborative efforts across different departments.
“The 2025 budget is a roadmap outlining the direction and purpose of our national policies,” President Yoon stated. “I expect cabinet members to thoroughly explain the budget formulation process and anticipated outcomes to thepublic and the National Assembly.” He urged cabinet members to work diligently to ensure the smooth passage of legislation related to people’s livelihoods.
The 2025 budget, approved by the cabinet, will now be submitted to the National Assembly for further review and approval. The budget proposal is expected to face scrutiny fromthe opposition party, which has criticized the government’s economic policies.
President Yoon’s emphasis on fiscal restraint and efficiency reflects a growing concern about South Korea’s mounting debt burden. The government’s commitment to prioritizing essential spending and addressing social issues will be closely watched as the budget moves through the legislative process.
【source】https://cn.yna.co.kr/view/ACK20240827001100881?section=politics/index&input=rss
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