Ahn Il-hwan, Deputy Minister of Economy and Finance, "Focus on Thorough Inspection of Underperforming Fiscal Projects... Must Make Every Effort to Maximize Execution Rate"

The 24th Fiscal Management Inspection Meeting

Ahn Il-hwan, 2nd Vice Minister of Strategy and Finance. (File photo)

[Sejong=Asia Economy Reporter Ju Sang-don] An Il-hwan, the 2nd Vice Minister of the Ministry of Economy and Finance, urged on the 10th, "All ministries and local governments should make every effort to maximize the execution rate."

On the day, Vice Minister An presided over the '24th Fiscal Management Inspection Meeting' at the Government Seoul Office to discuss the execution status of major fiscal projects in 2020 and the progress of maximizing total expenditure.

At the meeting, Vice Minister An emphasized, "This year's main budget fiscal projects should focus on minimizing carryovers and lapses, and all efforts should be made to manage execution," adding, "For projects subsidized by the national treasury, the entire progress of the project must be meticulously managed from the central ministries' fund transfers to the payment process at the local government level so that tangible results can be felt by the public."

He also requested prior preparations for the timely execution of next year's budget. He said, "Please ensure thorough preparation of execution plans and project-specific execution readiness so that the budget for disaster recovery and economic revitalization can be executed immediately upon the start of the next fiscal year to achieve early tangible effects," and added, "For projects subsidized by the national treasury, central ministries and local governments should sufficiently consult in advance on execution directions and project plans to ensure projects proceed on schedule through meticulous inspection."

Meanwhile, according to the government, as of the 8th, the 3rd supplementary budget for 2020 executed 17.1 trillion won, which is 89.4% of the managed budget of 19.1 trillion won. The 4th supplementary budget executed a total of 6.9 trillion won (98.2% of the managed budget of 7 trillion won), including 5 trillion won in emergency disaster relief funds paid to 9.9 million people such as small business owners and vulnerable employment groups struggling due to the resurgence of COVID-19.

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