Gangdong-gu Confirms 50.2 Billion Won Supplementary Budget Focused on COVID-19 Livelihood Stability
Focus on livelihood measures including support for SMEs and small business owners, city-district emergency disaster relief funds... 873.2 billion won, 50.2 billion won (6.1%) increase from initial budget this year
[Asia Economy Reporter Jongil Park] Gangdong-gu (Mayor Lee Jeong-hoon) announced that the first supplementary budget proposal for the 2021 fiscal year, focused on stabilizing people’s livelihoods to overcome difficulties caused by COVID-19, was finally approved by the district council on the 18th.
The approved supplementary budget increased by 50.2 billion KRW (6.1%) from the original budget this year, totaling 873.2 billion KRW. The main contents include revitalizing the local economy depressed by COVID-19, safety measures to protect the lives and property of residents, and adjustments to national and local government subsidy projects that changed after the original budget was set.
The major budget items include ▲ 3 billion KRW for the Small and Medium Business Development Fund to support small and medium-sized merchants facing financial difficulties due to COVID-19 ▲ 2 billion KRW for city-district cooperative disaster relief funds such as employment incentives for unemployed youth and support for closed small business owners ▲ 1.2 billion KRW for local job projects including public work ▲ 1.2 billion KRW for school support and Happy School programs to create a sustainable educational environment ▲ 2.6 billion KRW for infant care fee support ▲ 3.8 billion KRW for disability activity service support ▲ 2.4 billion KRW for creating an eco-friendly smart energy city with solar power and fuel cells ▲ 1.1 billion KRW for sewer structure maintenance to prevent flood damage, among others.
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Lee Jeong-hoon, Mayor of Gangdong-gu, said, “We prepared the supplementary budget to promptly resolve current issues such as COVID-19 by making the best use of available resources. We will do our utmost in quarantine activities so that residents can feel safe, and accelerate budget execution to revitalize the depressed local economy and ensure that the effects of policies appear in daily life.”
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