Hapcheon-gun Actively Utilizes Government-Supplied Material Pre-Notification System

Shortening Payment Period and Maximizing Fiscal Execution Effects in the First Half of the Year

Hapcheon County Office building exterior view

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Hapcheon-gun, Gyeongnam Province announced on the 18th that it will activate the advance payment system when purchasing government-supplied materials to enhance the rapid execution of local finances.

Along with emergency bidding, activation of advance payment execution, shortening of review periods, and reduction of payment periods according to the Ministry of the Interior and Safety's rapid execution guidelines, the advance payment system will be actively utilized when purchasing government-supplied materials to maximize the effect of financial execution in the first half of the year.

The advance payment system is a system where up to 70% of the payment is prepaid within 5 days from the time of requesting the purchase of procurement goods.

Compared to the previous method of paying after the delivery of goods, this significantly reduces the required time and can immediately improve the financial execution rate.

In addition, depending on the prepayment ratio, procurement fees can be discounted by up to 20%, contributing to the efficiency of local financial management.

Kim Bae-seong, Director of the Finance Department, said, “Recently, due to the novel coronavirus infection (COVID-19), consumer sentiment has shrunk, exacerbating difficulties in the local economy. We will do our best to actively promote areas where rapid execution is possible, including the use of the advance payment system, to revitalize the local economy.”

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