Gwangju Buk-gu Allocates 954.8 Billion Won in Supplementary Budget... Largest Ever

[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Buk-gu, Gwangju Metropolitan City (Mayor Moon In) announced on the 4th that it has prepared the second supplementary budget for 2020, the largest ever, amounting to 954.8 billion KRW, and submitted it to the Buk-gu Council.

This supplementary budget increased by 193.9 billion KRW (25.5%) compared to the first supplementary budget in March, reflecting 11.88 billion KRW in government emergency disaster relief funds and 33.9 billion KRW in Gwangju city household emergency living expenses to support livelihoods and stimulate consumption in local commercial districts.

In particular, 620 million KRW was allocated to self-initiated projects such as the special guarantee support project for small and medium-sized enterprises (SMEs) and support projects for small business owners to assist SMEs, small business owners, and the arts and tourism sectors severely affected by COVID-19.

Mayor Moon In of Buk-gu said, “This supplementary budget was prepared in accordance with the social and economic situation caused by the prolonged COVID-19 pandemic. We will continue to prioritize the recovery of the people’s economy as the top task of district administration and concentrate all our capabilities, while thoroughly preparing for the post-COVID-19 era.”

Meanwhile, this budget plan is scheduled to be reviewed by the Standing Committee and the Special Committee on Budget and Accounts of the Gwangju Buk-gu Council starting on the 10th, and will be approved and finalized at the plenary session on the 23rd.

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