Gov't to allocate $29 bil. to finance ministry in 2027 budget
Korea's finance ministry said Tuesday that 39.7 trillion won ($29 billion) has been earmarked for the ministry under the government's 2027 budget proposal, with a focus on fostering future growth engines and expanding export financing. The Ministry of Finance and Economy said the amount marks a 15.7 percent increase, or 5.4 trillion won, from the 2026 budget. "The finance ministry will focus on…
The Korean government has announced that its Finance Ministry will receive a substantial $29 billion allocation in the 2027 budget, marking a 15.7% increase from the previous year's budget. This significant funding increase is aimed at fostering future growth engines and expanding export financing. The Ministry of Finance and Economy highlighted that the budget will concentrate on providing capital and export financing to support strategic industries and hyper-innovation projects as part of the second-half economic growth strategy.
Notably, the government plans to establish a new strategic investment account under Korea Investment Corp., the country's sovereign wealth fund, with an allocation of 500 billion won. This move aligns with the trend of numerous nations utilizing strategic sovereign wealth funds to bolster national wealth and fortify economic security.
Additionally, the government will introduce a strategic export finance fund to provide enhanced support to exporters involved in large-scale projects.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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