Budget ministry to start early review of 2028 spending cuts

The Korean budget ministry announced on Monday that it will commence reviewing spending restructuring measures in November, with the aim of incorporating them into the 2028 budget proposal. This move is part of broader efforts to enhance spending efficiency. The Ministry of Planning and Budget revealed this plan following the inclusion of 88 measures designed to cut spending by 44.2 trillion won ($33.4 billion) into the 2027 budget proposal.

Minister of Budget Park Hong-geun stated during a meeting of the Fiscal Management Strategy Committee that the plan aims to eliminate inefficient spending more promptly and precisely in 2027. The ministry intends to begin identifying tasks for review in November and intends to broaden involvement by engaging private-sector experts and civil society groups.

The budget ministry plans to utilize artificial intelligence (AI) technologies to identify these tasks. The government intends to employ AI assistants to conduct a thorough review of potential tasks, incorporating feedback from the National Assembly, the audit board, and the press. Additionally, by analyzing similar cases abroad, the ministry plans to develop reasonable solutions.