The government’s annual spending is expected to exceed 600 trillion won for the first time following the compilation of a 33-trillion-won supplementary budget. 

According to the second extra budget plan revealed by the government during a Cabinet meeting on Thursday, the government’s total spending for this year is forecast to reach a record 604-point-seven trillion won, up nearly 32 trillion won from when it drew up this year’s first extra budget. 

The original budget stood at 558 trillion won but has grown to a record high with the first extra budget worth 14-point-nine trillion won and the latest 33-trillion won extra budget. 

Last year, the government executed four supplementary budgets, spending nearly 67 trillion won more than the original budget of 512-point-three trillion won, to see its overall spending amount to 579-point-one trillion won. 

Though government spending surged to a new high, national debt slipped as the government has funded the second extra budget with excess tax revenue without issuing state bonds. It also repaid two trillion won in national debt with funds it had secured for the second extra budget.