(MENAFN) South Korea's finance ministry said the country will seek to cut a tenth of all state-funded projects in 2016 to cut back on unnecessary spending and divert more resources, Yonhap News reported.
The 2016 budget guidelines, which passed the Cabinet, call for a stringent "zero-base" review of all 2,000 state-subsidized projects receiving taxpayer money, the finance ministry said.
"The goal of the new guidelines is to prioritize spending amid tax revenue shortfalls and greater demand for welfare and other key programs," head of the ministry's budget office said.
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