Vice budget minister calls Future Fund 'fiscal innovation' for future growth
Korea's vice budget minister said Thursday the country's proposed Future Fund, set to launch next year with funding sources including windfall tax revenue from chipmakers, will serve as "fiscal innovation" paving the way for future growth. Vice Budget Minister Cho Yong-beom made the remark during a policy symposium on the Future Fund hosted in Seoul by the state-run Korea Institute of Public…
Korea's Vice Budget Minister Cho Yong-beom has hailed the upcoming Future Fund as a "fiscal innovation" that will facilitate future growth. Speaking at a policy symposium in Seoul, Cho described the fund as "a platform for strategic investment" and a mechanism for fiscal stabilization. Rather than squandering the additional tax revenue generated by the semiconductor industry boom on short-term spending, the government has fashioned the Future Fund to convert that windfall into long-term opportunities.
Cho emphasized that the government will manage the fund prudently and transparently, inviting contributions from various levels of government and future generations. The Future Fund will comprise a general account for overall financial management and four specialized accounts for specific investment programs.
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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