The government seeks to tighten spending as part of efforts to make ends meet amid worries that tax revenue shortfalls could weigh on its overall budget, sources said Sunday.

Recently, the finance ministry held a workshop attended by budget-related officials from government agencies and ministries and asked them to submit expenditure-cutting plans by Monday, according to the sources.

They were asked to cut 15 percent of their “unexecuted” spending and other expenses set aside for this year, they said. The request is intended to get rid of less important or less cost-effective spending plans.

The move comes as the government forecast this year’s tax revenue might be 8 trillion won ($7.4 billion) lower than its earlier projection, affected by the delayed economic recovery.

The government has been making an all-out effort to save their spending in the face of looming tax shortfalls. The latest request for spending cuts is in line with the sense of growing urgency being shared by many policymakers.

“We are doing our best to secure as much revenue as possible during the second half, but it is almost a foregone conclusion that we will be faced with some revenue shortages,” a high-ranking finance ministry official said.

“Unless we draw up scenarios and prepare for the future, we cannot effectively use and distribute our limited resources,” he added.

Despite such a belt-tightening stance, the government said that it will not withdraw from its already-promised support to create jobs and boost exports and investment, a move aimed at kick-starting the overall economic recovery.

South Korea‘s economic growth rate remains low despite its recent improvement. Its economy expanded 1.1 percent in the April-June period from three months earlier, quickening from a 0.8 percent on-quarter gain in the first quarter. (Yonhap News)