Tag: ministry of planning and budget

ministry of planning and budget

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Fiscal deficit narrows to three-year low on strong tax revenue

The government collected 381.9 trillion won ($270 billion) in revenue in the first half of the year, while spending reached 425.8 trillion won.

2026.8.13

Korea raises 2027 foreign aid budget with focus on AI, health care, climate resilience

The government’s 6.3 trillion won ODA plan for 2027 expands support for health care, culture and flood and drought prevention while making AI a flagship priority.

2026.7.23

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Education grant reform can no longer be delayed (KOR)

A government forum highlighted mounting concerns that Korea’s automatic education grant system is driving wasteful spending despite a shrinking student population.

2026.7.9

Education grant reform can no longer be delayed

A government forum highlighted mounting concerns that Korea’s automatic education grant system is driving wasteful spending despite a shrinking student population.

2026.7.8

A sign for he Ministry of Planning and Budget is seen at the government complex in Sejong on Jan. 6. [YONHAP]

Budget ministry plans to restructure 900 state projects to save up to 7.7 trillion won

Korea's budget ministry said Monday it has designated around 900 state-funded projects for budget cuts, consolidation or abolition in a move expected to help the government save up to 7.7 trillion won ($5.12 billion).

2026.5.18

Budget Minister Park Hong-keun speaks during a meeting between domestic solar cell manufacturers and local government officials at the Hanwha Qcells plant in Jincheon County, North Chungcheong, on May 8. [MINISTRY OF PLANNING AND BUDGET]

Budget minister emphasizes need for renewable energy support, signals inclusion in next year's budget

Budget Minister Park Hong-keun on Friday emphasized greater budgetary support for local renewable energy companies to help them strengthen their competitiveness worldwide.

2026.5.8

Budget Minister Park Hong-keun, center, speaks to reporters at the government complex in Sejong on March 31. [YONHAP]

Government proposes 26.2 trillion won supplementary budget to cushion price shocks

The government on Tuesday proposed a supplementary budget of 26.2 trillion won ($17.1 billion), largely aimed at cushioning the impact of surging fuel prices, that will include cash handouts for about 70 percent of the population.

2026.3.31

Park Hong-keun, nominee for minister of planning and budget, speaks during a confirmation hearing at the National Assembly in Yeouido, western Seoul, on March 23. [NEWS1]

Confirmation hearing report for planning and budget minister nominee approved

Lawmakers approved a confirmation hearing report for Park Hong-keun, nominee for minister of planning and budget, on Tuesday, clearing the way for his appointment after a monthslong vacancy following his predecessor’s failed nomination.

2026.3.24

Democratic Party Rep. Park Hong-keun answers reporters’ questions as he arrives for an interview for metropolitan mayoral candidates at the party’s headquarters in Yeouido, western Seoul, on Feb. 23. [YONHAP]

Four-term DP lawmaker with budgetary experience tapped to lead budget ministry

Budget Minister nominee Rep. Park Hong-keun is a four-term lawmaker of the ruling Democratic Party (DP), known for his experience in handling budgetary issues in parliament.

2026.3.2

From left: Oceans Minister nominee Hwang Jong-woo; Democratic Party Rep. Park Hong-keun, budget minister nominee; Jung Il-yeon, new chief of the Anti-Corruption & Civil Rights Commission; and Song Sang-kyo, new head of the Truth and Reconciliation Commission, are seen in this composite photo provided by the Blue House on March 2. [YONHAP]

Lee names nominees for budget minister, oceans minister

President Lee Jae Myung has nominated a four-term lawmaker of the ruling Democratic Party as budget minister and a former senior fisheries official as oceans minister, the Blue House said Monday.