Seoul: The finance ministry announced on Wednesday that it has briefed President Lee Jae Myung on a new "performance-based" fiscal management plan aimed at enhancing investment efficiency and ensuring fiscal sustainability.
According to Yonhap News Agency, the briefing was part of the third meeting of the emergency economic response task force, which was chaired by President Lee. This meeting included the participation of presidential aides, relevant government agencies, and working-level officials. The new plan focuses on making bold fiscal investments in sectors that show high potential for measurable outcomes, with the ultimate goal of improving investment returns and overall productivity.
The strategy is intended to support economic recovery and growth while reinforcing fiscal soundness, thereby creating a virtuous cycle of sustainable public finance, as explained by the finance ministry. The ministry also highlighted its commitment to enhancing accountability and performance, while providing greater autonomy to each ministry and local governments.
Additionally, the finance ministry promised to motivate public institutions and state-funded research organizations to play a more active role in advancing national strategic agendas. President Lee emphasized the need to revamp low-performing and habitual expenditures. "President Lee instructed a sweeping overhaul of low-performing and habitual budget expenditures, including those earmarked in next year's fiscal plan," remarked Kim Yong-beom, the presidential chief of staff for policy.