Gwanak-gu Selected as an Excellent Institution for Rapid Local Finance Execution for the 4th Consecutive Time

Secured 200 Million Won in Special Grants, Financial Incentives Used for Residents' Projects...Focused Spending on Consumption and Investment to Proactively Revitalize Local Economy

[Asia Economy Reporter Jong-il Park] Gwanak-gu (Mayor Park Jun-hee) announced that it was selected as an 'Excellent Institution' in the final evaluation of the rapid execution of local finances in the second half of 2019.

Accordingly, the district will receive the honor of being selected as an 'Excellent Institution' for the fourth consecutive time, along with a financial incentive of 200 million won in special grants, all of which will be invested in projects for the residents.

This final evaluation comprehensively assessed the execution performance in finance and consumption investment sectors, as well as the cooperation between metropolitan and basic local governments, targeting 243 local governments nationwide.

During the 7th elected term, Gwanak-gu has maintained an expansionary financial execution policy, operating finances more quickly and efficiently, promoting rapid execution and minimizing carryover and unused amounts.

To this end, the district formed and operates the 'Local Finance Rapid Execution Promotion Team,' established a constant monitoring system for rapid execution, and focused on consumption and investment sectors, implementing proactive measures to revitalize the local economy.

The district was also selected as an 'Excellent Institution' in the mid-term evaluations of the second half of 2018 and the first and second halves of 2019, receiving a total of 209 million won in special grants.

Mayor Park Jun-hee said, "Although it is a difficult situation with worsening domestic and international economic conditions and the spread of infectious diseases causing contraction in private consumption and investment, we will focus on rapid financial execution, minimizing carryover and unused amounts, and make every effort to revitalize the local economy for the residents."

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