President Yoon Suk Yeol pledged on Tuesday to uphold fiscal soundness in the 2025 budget proposal while prioritizing the welfare of vulnerable groups and fostering economic growth.

Yoon presided over a Cabinet meeting to approve the government’s budget proposal of 677.4 trillion won (US$509.71 billion) for 2025, a 3.2 percent hike from this year.

“The proposal cut 24 trillion won in government spending by reevaluating the feasibility and effectiveness of all fiscal projects,” Yoon said. “The savings will be allocated to essential national tasks.”

Source: Yonhap News Agency