Budget ministry to start early review of 2028 spending cuts

Korea's budget ministry said Monday it will begin reviewing spending restructuring measures in November for inclusion in the 2028 budget proposal, as part of efforts to develop detailed plans to improve spending efficiency. The Ministry of Planning and Budget unveiled the plan after incorporating 88 measures to cut spending by 44.2 trillion won ($33.4 billion) into the 2027 budget proposal. "In 2027, we plan to eliminate inefficient spending more promptly and precisely," Budget Minister Park Hong-geun said during a meeting of the Fiscal Management Strategy Committee. "We plan to begin identifying tasks in November and expand participation by private-sector experts and civil society groups," Park added. The budget ministry said it plans to harness artificial intelligence (AI) technologies to identify such tasks. "The government plans to use AI assistants to thoroughly review potential tasks, including issues raised by the National Assembly, the audit board and the press, and develop reasonable solutions by analyzing similar cases abroad," the ministry said.