Lee to preside over Cabinet meeting on 2027 government budget proposal

President Lee Jae Myung was set to preside over a Cabinet meeting Tuesday to review and approve the government’s budget proposal for next year.

The Lee government is seeking to draw up a budget exceeding 800 trillion won ($584.1 billion) for next year, up 10 percent or more from this year, amid expectations of increased tax revenue stemming from a semiconductor boom.

By law, the government is required to submit its budget proposal to the National Assembly at least 120 days before the start of next year, making Thursday this year’s deadline. A proposal also needs to be reviewed in a Cabinet meeting and approved by the president before it can be submitted.

Once the budget bill is presented to the National Assembly, lawmakers are expected to finalize it by December after adjustments through a review process.