▲ Gyeonggi Provincial Government Building
Gyeonggi Province announced today (17th) that it plans to execute a budget of 11 trillion won in the first quarter to restore livelihoods.
Kim Seong-jung, the first deputy governor of Gyeonggi Province, held a rapid execution inspection meeting at the provincial office and announced that 35% of the total budget (approximately 11 trillion won) will be executed within the first quarter, and 65% (approximately 20 trillion won) exceeding the government proposal (64%) will be executed within the first half.
The budget to be executed in the first quarter will primarily focus on sectors related to the recovery of the livelihood economy, such as low-income groups and small businesses.
The province also plans to distribute adjustment grants early to the 31 cities and counties, and provide incentive special adjustment grants of 6.5 billion won to seven cities and counties that excel in rapid execution in the first quarter.
In addition to this, a ‘Public SOC Promotion Team’ will be established within the Rapid Execution Promotion Team to manage large-scale public investment projects exceeding 5 billion won, which impact the construction economy.
Moreover, the province intends to continuously propose solutions to related ministries regarding budget execution difficulties such as preliminary administrative procedures requiring cooperation from central ministries, which are challenges for both the province and cities/counties.
Previously, Governor Kim Dong-yeon of Gyeonggi Province had urged the government for a super supplemental budget of 50 trillion won before the Lunar New Year considering the tough economic conditions and announced plans to push for large-scale rapid execution from the beginning of the year.
(Photo provided by Gyeonggi Province, Yonhap News)