Following the inauguration of President Moon Jae-in on May 10, the Ministry of Strategy and Finance revised the budget guidelines for next year to reflect the main policies of the liberal-focused president, who has put his policy priority on reviving the economy through job creation and increased income. The 2018 budget is expected to amount to 420 trillion won($372 billion), up from 400 trillion won earmarked for 2017, it added.
The earlier 2018 budget scheme, which was made in March, was about the fourth industrial revolution, as well as improving job creation, tackling the low birthrate and economic polarization.
"We maintained the frame of the earlier version, but added a few more details in accordance with the policy agenda of the new administration," said a ministry official.
Under the updated guidelines, the government will give preference to government-led projects that create more jobs and reduce temporary workers, and expand government spending on financial support programs for needy families.
Also, government expenditure on tackling low birth rate and improving air pollution will be high on the agenda, added the ministry.
The latest guidelines were sent to the government ministries and agencies on Friday, with each responsible for submitting their 2018 budget spending plan by May 31.
The finance ministry will then examine all plans and submit its 2018 budget proposal to the National Assembly on Sept. 1. (Yonhap)