Gangdong-gu Allocates 66.5 Billion KRW in Supplementary Budget Focused on COVID-19 Livelihood Stabilization

Published 06 May.2020 08:24(KST)

National Emergency Disaster Relief Fund Focused on Livelihood Measures for SMEs and Small Business Owners... Actively Joining Government's Expansionary Fiscal Policy to Revitalize Local Economy

Gangdong-gu Allocates 66.5 Billion KRW in Supplementary Budget Focused on COVID-19 Livelihood Stabilization

[Asia Economy Reporter Park Jong-il] Gangdong-gu (Mayor Lee Jeong-hoon) has prepared the first supplementary budget for the 2020 fiscal year, focusing on urgent essential projects for early overcoming of COVID-19, stabilizing people's livelihoods, and revitalizing the local economy, and submitted it to the Gangdong-gu Council.

The supplementary budget is 833.18214 billion KRW, an increase of 66.53497 billion KRW (8.68%) compared to this year's original budget of 766.64716 billion KRW.

To actively manage local finances due to COVID-19, the budget was primarily allocated to areas closely related to residents' daily lives, such as the local government’s share of emergency disaster relief funds.

Main projects include ▲10.2 billion KRW for COVID-19 response-related emergency disaster relief funds and emergency living expenses support for vulnerable groups, ▲2.7 billion KRW for supporting small and medium-sized enterprises and issuing local currency to revitalize the local economy, ▲1.515 billion KRW for public order and safety sectors including disaster management fund transfers, ▲5.47183 billion KRW for environmental sectors closely related to residents' lives such as cleaning, ▲2.35036 billion KRW for culture, arts, and sports sectors urgently needed to prepare for the increasing population, and ▲1.14754 billion KRW for transportation and logistics sectors.

Lee Jeong-hoon, Mayor of Gangdong-gu, stated, “We urgently prepared the supplementary budget to swiftly resolve issues closely related to COVID-19 by making the best use of available resources. Through prompt execution, we aim to revitalize the livelihood economy weakened by COVID-19 and will do our best in quarantine activities to ensure residents feel safe.”