Next year's budget is expected to focus on revitalizing the flagging domestic economy... and the finance ministry has given a guideline for the ministries to use.... when they make their budget requests for the year 2020.
Our Ko Roon-hee reports.
Improving economic vitality and strengthening South Korea's social safety net.
These are two of the government's main plans when implementing the budget for next year.
In a Cabinet meeting chaired by finance chief Hong Nam-ki on Tuesday, the government approved the guideline of budget compilation and fund management for 2020.
The guideline will be notified to ministries on Friday.
Ministries will then have time to look over it and submit their budget requests by May 31st.
First and foremost, the government is focused on revitalizing the economy.
One way to do that is supporting exports...because South Korea's economy relies heavily on overseas markets.
This comes amid growing uncertainties in the global economy...and South Korea's outbound shipments declining on-year for three consecutive months.
Other than exports, the government plans to support more projects like the so-called 'Gwangju-type job model' and increase investment in infrastructure.
Minister Hong also said next year's budget should focus on creating a stronger social safety net.
Details include ways to support people in the low-income bracket and vulnerable social groups...such as helping them with school expenses.
Other guidelines include supporting new industries such as Artificial Intelligence and 5G networks....and coming up with ways to reduce fine dust levels in South Korea.
Ko Roon-hee, Arirang News.