President Yoon Suk Yeol has called for a stricter evaluation of public institutions and bold reforms to improve their efficiency and curb their growing debts.

Presiding over a Cabinet meeting on Tuesday, Yoon stressed that public institutional reform is a task that can no longer be delayed.

He cited the growing debts of public institutions, which soared over the past five years to 583 trillion won as of late last year as they continued to grow in terms of size and workforce.

The president called for strong structural reforms in expenditures, concentrating financial resources on supporting the socially vulnerable, who urgently need government assistance.

On tackling the global economic crisis, Yoon urged officials to seek ways to change the economic structure to one led by the private sector and the market, while the government streamlines red tape that hinders corporate activity.