The South Korean government will speed up its scheduled spending in the first half of 2014 as part of efforts to revitalize the country’s economy, the finance minister said Wednesday.

In a meeting with economy-related ministers in Seoul, Hyun Oh-seok said the government will front-load 60 percent of its annual spending in the first half.

“We need to make continuous efforts (to revamp the economy) as the economic recovery in the private sector, such as investment, has yet to reach its full speed,” Hyun said, according to his ministry.

The government originally sought to spend up to 55 percent of its budget by the end of June. The 60 percent front-loading would means more than one-third of the government’s total spending will take place in the three months starting March 1, as the government carried out 24 percent of its planned annual spending in the first quarter, according to the ministry.

“Making sure that the people can actually feel improvements to their livelihood is the top objective of government policies,” the minister was quoted as saying.

“The government will step up its policy initiatives to help the economic recovery move into full speed.” (Yonhap)