The government plans to execute more than 65 percent of the 2023 budget as quickly as possible to respond to a projected slowdown in the nation’s economy.

Finance minister Choo Kyung-ho revealed the plan on Thursday while chairing an emergency meeting of economy-related ministers in Seoul.

He said the government will promptly execute the budget from next Monday, when the new fiscal year begins, to bring about policy effects as soon as possible.

Explaining that the swift budget execution will focus on projects inherently related to people’s livelihoods, including jobs, welfare and stabilizing consumer prices, the minister said that the government will announce details of the spending plan next week.

On the nation’s economy, Choo said the once-volatile financial market is showing signs of stabilizing thanks to the anticipation that key economies will slow the pace of rate hikes as well as the government’s efforts to stabilize the market.

He was quick to add, however, that the government must remain alert as uncertainties surrounding the financial market are high.