Busan City Eased the 'Money Flow' Well in the Second Half of Last Year... Selected as an Excellent Organization for 'Local Finance Rapid Execution'

Record High 25.7693 Trillion KRW Fiscal Spending Last Year to Boost COVID-19 Economy

Ministry of the Interior Selects 56 of 243 Local Governments ‥ Busan City, Haeundae-gu Among Awardees

Proactive Fiscal Spending in First Half of This Year E

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City has been found to have contributed to the recovery of the local economy by swiftly executing its budget in the second half of last year.

The Ministry of the Interior and Safety selected Busan City as an excellent local government in the final evaluation of the rapid execution of local finances in the second half of 2020, conducted on 243 local governments nationwide.

Among basic local governments, Busan's Haeundae-gu and Geumjeong-gu were selected as top performers, while Sasang-gu and Saha-gu were recognized as excellent, securing a total of 300 million won in special grants.

Last year, the city formed a Rapid Execution Promotion Team to support monitoring of execution status and resolve difficulties, and worked in close cooperation with districts, counties, and public enterprises, making every effort for proactive financial execution. As a result, out of the current budget amount of 27.7135 trillion won, a record high of 25.7693 trillion won (92.98%) was executed.

This year, Busan City has set its financial execution target for the first half at 65.2%, which is 5.2% higher than the government’s target rate of 60%.

▲ Early commencement of large-scale investment projects and expansion of advance payments ▲ Rapid promotion of job projects ▲ Administrative efforts are being mobilized for proactive financial execution, including campaigns for advance payments at regular stores.

Kim Seon-jo, Director of Busan City's Rapid Execution Promotion Team and Planning Coordination Office, said, “We expect the effects of vaccination to appear in the second half, and by executing more finances than the government’s target in the first half, we plan to play a role as a catalyst for local economic recovery.”

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