Jeonbuk Province Receives Top Award for Prompt Execution in Ministry of the Interior and Safety Evaluation

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Jeonbuk Province announced on the 31st that it won the grand prize in the ‘2019 Second Half Local Finance Rapid Execution Evaluation’ conducted on 243 local governments nationwide, receiving an incentive of 500 million won.

The Ministry of the Interior and Safety promoted the largest-ever rapid execution of local finances to revitalize the regional economy by boosting private consumption and investment vitality amid growing concerns over domestic economic recession due to worsening external conditions.

To prevent budget waste and inefficient budget execution caused by year-end budget rush, carryover to the next year, or non-utilization, the execution status of each local government was comprehensively evaluated, and incentives were significantly strengthened and paid in the second half of 2019.

Jeonbuk Province executed 6.8439 trillion won, which is 95.7% of the actual budget amount of 7.1528 trillion won, and 629.1 billion won, which is 85.9% of the actual budget amount of 732.1 billion won in the consumption and investment sectors.

Jeonbuk Province secured a total of 920 million won in incentives (special grants) from the Ministry of the Interior and Safety’s rapid execution evaluations in the first and second halves of 2019 (70 million won in the first half, 350 million won in the mid-term evaluation of the second half, and 500 million won in the final evaluation of the second half), and plans to use the secured budget to promote key projects of the 7th elected administration, such as Samrak Nongjeong agricultural life industry.

Lim Sang-gyu, Director of Planning and Coordination, said, “I am very pleased to achieve good results in the central evaluation in the second half of 2019 thanks to the active interest and efforts of all employees throughout the year,” and added, “As the active role of finance in reinforcing the economy is more urgent than ever amid the stagnant economic conditions, we will do our best in 2020 to ensure budget execution that our residents can feel.”

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