MoEF "Active Fiscal Role Essential to Overcome COVID-19... Prompt Execution Crucial"

[Asia Economy Reporter Joo Sang-don] Yang Chung-mo, Director of Fiscal Management at the Ministry of Economy and Finance, emphasized on the 13th that "an active role of fiscal policy is urgently needed for stabilizing people’s livelihoods and early overcoming of the crisis."

On the same day, Director Yang presided over the 'Emergency Fiscal Execution Inspection Meeting' at the Seoul Regional Public Procurement Service and made these remarks.

Director Yang stated, "In addition to the expansionary budget of this year’s main budget (513 trillion won), the government is actively managing fiscal policy through four rounds of supplementary budgets totaling 900 billion won and additional budgets responding to COVID-19," adding, "For achieving tangible results that the public can actually feel, rapid execution of the budgeted fiscal projects is essential."

He then urged the fiscal project managers to closely inspect the execution status and actively resolve any difficulties in execution with extraordinary determination to ensure that fiscal projects proceed as planned. Furthermore, following the National Assembly’s approval on the 6th of the amendment to the 'Private Investment in Social Overhead Capital Act,' which expanded the scope of the act to all social overhead capital, he requested active discovery of new projects.

Along with this, Director Yang also held a written meeting to review the investment execution of major public institutions in 2020. He said, "Public institutions must recognize the emergency and seriousness of the economic and financial situation caused by COVID-19 and actively participate with the government in revitalizing the economy," and added, "Please ensure thorough execution so that the plan to maximize the scale of investment execution through the first quarter and the first half of this year is achieved without any setbacks."

This content was produced with the assistance of AI translation services.