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MON, 2015-08-03 KST

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Gov't strengthens 2015 budgeting rules Updated: 2014-04-15 16:09:39 KST

The Korean government is looking to strengthen budgeting rules for next year to maintain fiscal soundness and prevent political parties from passing costly bills.
At a Cabinet meeting Tuesday, the government proposed guidelines for implementing a so-called pay-as-you-go system, a practice of financing new spending commitments with currently available funds, rather than incurring debt.
This means that when parties introduce new bills that require increased spending, there will have to be cuts to other existing bills to provide funding.
Over the next three years the government also plans to merge and cut around six-hundred government projects that overlap with other projects.
KOGL : Korea Open Government License