Gangseo-gu Allocates 5.3 Billion KRW for COVID-19 Supplementary Budget

Published 22 Apr.2020 08:32(KST)

Focus on COVID-19 Response and Local Economic Revitalization Projects

Gangseo-gu Allocates 5.3 Billion KRW for COVID-19 Supplementary Budget

[Asia Economy Reporter Jong-il Park] Gangseo-gu, Seoul (Mayor Noh Hyun-song) submitted the first supplementary budget proposal for 2020, urgently prepared to support the recovery of the local economy and stabilize livelihoods affected by COVID-19, to the Gangseo-gu Council on the 20th.

This supplementary budget proposal focuses on responding to COVID-19 and revitalizing the local economy, primarily funded by the 2019 fiscal year general account final surplus and national and city subsidies.

The supplementary budget totals 5.328 billion KRW, with key allocation areas being industrial SMEs and energy sectors, accounting for 50% of the available supplementary funds, followed by social welfare at 47%, health at 2%, and general public administration at 1%.

Main projects include ▲Transfer to SME Development Fund (2.2 billion KRW) ▲Living expense support for hospitalized and isolated patients (1.157 billion KRW) ▲Home childcare allowance and child care support projects (674 million KRW) ▲Emergency operating expense support for daycare centers (603 million KRW) ▲Issuance of Seoul Gangseo Love Gift Certificates (444 million KRW), among others.

In particular, this supplementary budget focuses on active financial support for small business owners and vulnerable groups whose livelihoods have been affected by COVID-19, and it is expected to greatly aid in overcoming the pandemic.

Mayor Noh Hyun-song stated, “Once the budget is confirmed, we will execute it as quickly as possible to minimize COVID-19 damages and stabilize residents’ lives swiftly. We will continue to actively promote various policies to stabilize the lives of residents struggling due to COVID-19 and to recover the depressed local economy.”