PM vows responsible use of taxpayers' money after Cabinet's 2027 budget guidelines approval

▲ Prime Minister Kim Min-seok presides over an extraordinary Cabinet meeting at the government complex in Seoul on March 30, 2026. (Yonhap)

Cabinet-2027 budget guidelines

PM vows responsible use of taxpayers' money after Cabinet's 2027 budget guidelines approval

SEOUL, March 30 (Yonhap) -- Prime Minister Kim Min-seok on Monday vowed the government would use taxpayers' money responsibly after the Cabinet approved guidelines for next year's budget that underscores its expansionary fiscal policy to foster new growth engines.

According to the government's fiscal plan submitted to the National Assembly, spending for next year is set at 764.4 trillion won (US$503 billion), up 5 percent from 728 trillion won in 2026.

The prime minister vowed to properly spend taxpayers' hard-earned money through what he described as an unprecedented restructuring of expenditures.

"The 2027 budget is significant as it will be the first budget fully overseen by the current administration," Kim said at an extraordinary Cabinet meeting.

"We plan to draft next year's budget with a focus on future investments aimed at a major shift in the national growth strategy under an expansionary fiscal policy stance," he added.

He called on the Cabinet to be fully prepared to push forward with key policies, including those on promoting balanced regional development, as well as to conduct economic readiness checks and safety inspections, to be implemented after the June 3 local elections.

"There should be no lapse or negligence of state affairs due to the elections," he said.

The budget guidelines call for measures to build a highly innovative economy capable of adapting to industrial shifts, such as artificial intelligence transformation, while fostering advanced industries as new growth drivers.

Kim said the government is also planning to include measures to support victims of "jeonse" home rental scams. Jeonse is a unique Korean system whereby tenants give landlords a large returnable deposit instead of paying monthly rent.

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