Lee to preside over Cabinet meeting on 2027 government budget proposal

The Korea Times reports that President Lee Jae Myung will preside over a Cabinet meeting on Tuesday to review and approve the government's budget proposal for next year. The Lee administration aims to draft a budget exceeding 800 trillion won ($584.1 billion) for the upcoming year, representing a 10 percent increase or more from the current year.

This projected budget is contingent upon anticipated tax revenue growth resulting from a semiconductor boom. According to the law, the government must submit its budget proposal to the National Assembly at least 120 days prior to the start of the following year, which places Thursday as the deadline for this year. Additionally, the proposal must undergo a Cabinet review and presidential approval before it can be submitted to the National Assembly.

Once the budget bill is presented, lawmakers are expected to finalize it by December, following adjustments through a review process.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.