Korea to cut discretionary spending by 10% in 2017
March 29, 2016
South Korea has decided to cut the discretionary spending of government agencies by 10 percent next year in a bid to focus its fiscal policy on job creation, the finance ministry said Tuesday.The 2017 budget guidelines, which passed the Cabinet on Tuesday, call for a thorough examination of spending earmarked for public works projects and welfare outlays.Out of the nearly 380 trillion won ($326.2 billion) of the state budget last year, some 53 percent, or 200 trillion won, is discretionary spend