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, hailed the country's proposed Future Fund as a "fiscal innovation" that will spur future growth. Addressing a policy symposium on the fund in Seoul, Cho described the initiative as a "platform for strategic investment" and a mechanism to turn windfall tax revenue from chipmakers into opportunities for the future.
Unlike using additional tax revenue from the semiconductor industry boom for one-off spending, the Future Fund has been designed as a tool for strategic investment and fiscal stabilization. Cho emphasized that the government will manage the fund with strict care and transparency, inviting contributions from regional and central governments, as well as current and future generations.
The fund will comprise a general account for managing financial resources and four program accounts.
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.
This story
This is one outlet's version. Read the fullest account.
