Park Hong-keun: "Mobilize the nation’s full capacity this year and next, and proactively inject surplus tax revenue into the budget"

[Financial News]  At the National Fiscal Strategy Meeting on the 13th, Minister of Planning and Budget Park Hong-keun said, "This year and next are a time to mobilize the nation’s full capacity," adding, "We will proactively and expansively channel the increased national tax revenue into the budget."
At the meeting, held at Cheong Wa Dae and chaired by President Lee Jae Myung, Park outlined the direction for drafting the 2027 budget and the midterm fiscal management plan.
Park divided the government's five-year fiscal blueprint into two major phases.
He said this year and next would be the first phase, describing them as "a time to mobilize the nation’s full capacity."
He stressed that the government would "proactively and expansively deploy fiscal resources using the increased national tax revenue." Park also said, "We will increase next year’s total spending by at least 10% from this year’s original budget and set it at a record-high level of over 800 trillion won."
He defined the period from 2028 to 2030 as the second phase and said, "As this will be the period when results begin to emerge, we will gradually stabilize the pace of spending growth from 2028."
He added, "During this period, we will also manage the overall fiscal size in a stable manner, and the managed fiscal balance will improve from the original plan in every year," emphasizing that "we will bring an end to wasteful fiscal debates."
He also reaffirmed his commitment to expansionary fiscal policy and spending restructuring.
Park said, "We will continue to play an active fiscal role, while cutting unnecessary spending and remodeling the fiscal structure."
He added, "A virtuous cycle in which the economy and fiscal policy reinforce each other is what ultimately leads to the highest level of national creditworthiness in history." He said, "Through bold investment, we will fully raise the sails of the economy and people’s livelihoods, and through responsible fiscal management, we will firmly drop the anchor of national trust."
skjung@fnnews.com Jung Sang-gyun Reporter