On the 8th, Gyeongbuk Province announced that it submitted an additional supplementary budget plan of 780.2 billion won to the provincial council to revitalize stagnant industries and commercial districts and support areas affected by massive wildfires. The supplementary budget proposal will undergo deliberations by the standing committee and the special committee on budget and accounts of the provincial council and will be finalized in the general assembly on the 29th.
Last month, the province urgently allocated an additional supplementary budget of 222.9 billion won, and due to the ongoing political situations, tariffs war from the US, and wildfire damages, it has again set up another supplementary budget plan.
The province plans to increase support for small business financing, injecting an additional 400 billion won to reach a total of 2 trillion won, in collaboration with 22 cities and counties and the Gyeongbuk Credit Guarantee Foundation to support the local economy and small businesses.
Additionally, funds for the development of small and medium businesses, supporting small business operations, and creating venture development funds for the Gyeongbuk era and the G-star Yeongnamjeonna Special R&D Zone Fund have been allocated to prioritize support for enterprises and small businesses.
Budgets have also been set aside to issue local love certificates to boost consumption and support vulnerable groups and the general public, to compensate losses for free public transportation for seniors, and to aid victims of housing fraud.
Particularly for the recovery of daily life in five firefighting regions—Andong, Uiseong, Cheongsong, Yeongyang, and Yeongdeok—306 billion won has been additionally allocated for local assistance projects.
For the recovery and prevention of wildfire damage, including the expansion of housing for wildfire victims, the province plans to propose 9 projects with a budget of 518.9 billion won to be included in the government’s supplementary budget and next year’s government budget.
Furthermore, for the successful hosting of the “2025 APEC Summit,” the province intends to allocate an additional 58.3 billion won for venue development, transportation measures, nighttime scenery enhancement, and cultural events.
Moreover, to address the declining birth rate, additional funds will be allocated for child care, support for families with multiple children, and marriage support.
Governor Lee Cheol-woo stated, “We plan to achieve economic growth and enhance Gyeongbuk’s international standing through tailored support for the early stabilization of residents in wildfire-affected areas, recovery efforts, and support for businesses, small businesses, and vulnerable groups, as well as ensuring the successful hosting of the APEC Summit.”