President Yoon Suk Yeol has called on the country to break away from the illusion that budgetary spending is key to economic growth and the improvement of the public’s livelihood.

In his opening remarks at a fiscal strategy meeting on Thursday, Yoon said the government should be the first to tighten its purse strings and lead efforts to overcome the current financial crisis.

He called for the sale or disposal of assets held by public institutions that are not directly related to their functions, while also applying stricter standards to the hiring quota and wages of civil servants.

Yoon said the government must introduce an unprecedented level of restructuring in expenditures to avert any waste of taxpayer’s money.

The president noted the country's fiscal health has significantly deteriorated over the last five years to the extent that may affect the nation's sovereign rating.

He also expressed plans to use funds saved through restructuring efforts to support the disenfranchised and invest in future growth areas.