Finance Minister Choo Kyung-ho said that the government will reduce more than one trillion won in operating costs of public organizations by next year.

The minister unveiled the plan to reporters in Washington D.C. on Friday. Choo is visiting the United States to attend the G20 meeting of finance ministers and central bankers and the meeting of the International Monetary and Financial Committee.

Earlier, the government received reform plans from 350 public organizations in five sectors, including organization, personnel, budget, assets and welfare.

The government plans to evaluate and amend the plans before releasing the revised plans.

As for the reform plans for the budget, the minister said that the government aims to reduce a total of one-point-one trillion won by the end of next year in operating expenses of public organizations.

He added that to that end, the government plans to cut 714-point-two billion won during the second half of this year and 431-point-six billion won next year.