Seoul: South Korea's budget ministry announced Monday the designation of approximately 900 state-funded projects for budget cuts, consolidation, or abolition. This initiative aims to save the government up to 7.7 trillion won (US$5.12 billion).

According to Yonhap News Agency, the Ministry of Planning and Budget made this decision after reviewing 2,487 state-funded projects over the past four months, opting to restructure 36.2 percent of them. Historically, from 2021 to 2025, the government restructured an average of 15.8 percent of the projects reviewed.

In detail, the budget for 858 projects will face reductions, while 40 projects will be consolidated. Three projects will be completely abolished. The projects subjected to budget cuts are mandated to reduce spending by at least 15 percent.

A ministry official stated that this evaluation marks the beginning of efforts to restructure spending in preparation for next year's budget formulation. As part of this evaluation, the budget for commuter buses for employees of the interior ministry in Sejong will be reduced, redirecting funds to regions with inadequate public transportation.

Additionally, South Korea plans to abolish the science ministry's 3D printing promotion initiative, due to the strong growth potential seen in the private sector.