An Il-hwan, Vice Minister of Economy and Finance, "Comprehensive Efforts Needed to 'Minimize Year-End Unused and Unspent Funds'"

Ahn Il-hwan, the 2nd Vice Minister of the Ministry of Economy and Finance, is delivering opening remarks while presiding over the "22nd Fiscal Management Review Meeting" held at the Government Sejong Complex on the 26th.

[Asia Economy Reporter Joo Sang-don] An Il-hwan, Vice Minister of Strategy and Finance, stated on the 26th, "From the fourth quarter, all central government ministries, local governments, and education offices must make comprehensive efforts to minimize year-end carryover and non-utilization."

On the same day, Vice Minister An said at the 22nd Fiscal Management Inspection Meeting held at the Government Complex Sejong, "Fiscal policy should play a more active role as a catalyst for economic recovery than it has so far."

Vice Minister An added, "Projects delayed due to COVID-19 should be accelerated as much as possible by utilizing the resumption of in-person classes, easing of social distancing, and Korea Sale Festa, and project-specific focused management should be strengthened." He also urged, "Local finances should actively promote measures to revitalize the regional economy, such as improving the execution rate of local government national subsidy projects and promptly advancing regional projects."

He continued, "To clearly visualize the outcomes of fiscal policy, not only rapid fiscal execution but also thorough management of the progress of each fiscal project after execution is very important." He emphasized, "In particular, please carefully inspect and manage whether job projects directly related to the livelihoods of the people are producing tangible effects felt by the public at the execution sites."

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