The government on Wednesday pledged to frontload this year's budget outlays in the first half to bolster growth and meet calls by the business community.

In the first fiscal management review meeting of 2015 chaired by Vice Finance Minister Bang Moon-kyu, the government confirmed the goal is to use 58 percent of the allocated budget before the end of June, with outlay numbers rising to 60 percent in social overhead capital development, job creation and measures to stabilize the livelihoods of ordinary citizens.

The target is roughly on par with what was actually spent in the first half of 2014. Last year, the frontloading target was originally set at 55 percent but raised to 57.1 percent with 58.1 percent being spent eventually after the deadly sinking of the Sewol passenger ferry in April seriously hurt consumer spending.

Citing a report by the Korea Institute of Public Finance, officials claimed injecting money into the economy early can push up growth by 0.23 percentage point, compared to when spending is carried out evenly throughout the year.

They also cited a poll by the Korea Chamber of Commerce and Industry that said 32 percent of companies contacted were expecting the budget to be frontloaded this year.

"There is a need to meet business expectations, as well as keep alive the economic growth momentum," Bang said.

Spending figures that exclude wages, operational expenses and internal transactions could reach around 303 trillion won ($278.2 billion), with 176 trillion won to be used in the first half. The finance ministry said the exact spending outlay for this year will be available in February or March when the government is able to determine the size of funds carried over from 2014.

The vice minister said the on-time passage of this year's budget on Dec. 2 allowed time for the central and regional governments and public corporations to plan ahead. In the past, the passage of the annual budget, due to political deadlocks in the National Assembly, was usually put off until late December.

For 2014, the government and public corporations spent 98.2 percent of the budget outlays, or 294 trillion won of 299.4 trillion won, according to the finance ministry. This is a five-year high and well above the 96.1 percent in 2013, it said. (Yonhap)