Seoul: Finance Minister Koo Yun-cheol on Monday urged government ministries to thoroughly prepare for the swift execution of their budgets for next year to drive economic growth and support people's livelihoods, his office said.

According to Yonhap News Agency, Koo emphasized the importance of timely preparation during a fiscal execution review meeting, which was attended by officials from various ministries, including science, defense, culture, and agriculture. "On Tuesday, the National Assembly passed the budget for 2026 within the legal deadline for the first time in five years," Koo stated, highlighting the urgency and importance of the task.

The government budget bill, amounting to 727.9 trillion won (US$493.5 billion), was endorsed last week by the Assembly. It focuses on increased spending to bolster the economy and enhance national defense. Koo urged the ministries to finalize their project plans by the end of the month to ensure an innovation-driven economy and stabilize people's livelihoods.

In addition to the 2026 budget preparations, Koo called on ministries to persist in executing the 2025 budget and the two additional budgets introduced this year aimed at boosting domestic consumption and economic recovery. By the end of November, the finance ministry reported that 90.1 percent of this year's main budget had been executed. Furthermore, 94 percent and 98 percent of the supplementary budgets had been executed by the same period.