Gwanak-gu Selected as an Excellent Institution for Rapid Local Finance Execution for the 6th Consecutive Time

Secured Special Grant of 35 Million Won, Planned for Use as Project Funds for Residents... Selected as an Excellent Institution 6 Consecutive Times Over 3 Years of the 7th Local Government, Secured a Total of 449 Million Won in Financial Incentives

[Asia Economy Reporter Jong-il Park] Gwanak-gu (Mayor Park Jun-hee) was selected as an ‘Excellent Institution’ in the final evaluation of the first half of 2021 local finance rapid execution, earning the honor of being chosen as an ‘Excellent Institution’ for six consecutive times over three years during the 7th term of the elected government.

Accordingly, the district plans to allocate the financial incentive of 35 million won in special grants to projects for residents, and the total special grants received as incentives since the second half of 2018 amount to 449 million won.

‘Local Finance Rapid Execution’ is a system by the Ministry of the Interior and Safety that evaluates 243 local governments nationwide by combining rapid execution and consumption investment sectors and job sectors execution performance, aiming to mitigate economic shocks through rapid public sector financial expenditure during economic downturns and to enhance the efficiency of financial management.

Despite difficulties in project progress amid the prolonged national crisis caused by COVID-19, the district executed 133.3 billion won (57.3%) in the first half, exceeding the target by 2.2%.

This is evaluated as the result of Gwanak-gu’s strong will to recover the local economy through early expansive financial execution and proactive financial management.

The district promptly injected advance payments and progress payments when promoting large-scale investment projects such as traditional market facility modernization, alleyway commercial district revitalization, and sewer pipeline maintenance to revitalize the local economy and create a pleasant living environment.

Also, by organizing and operating the ‘Local Finance Rapid Execution Promotion Team,’ the district established a constant monitoring system for rapid execution of local finance, focusing on executing finances in consumption and investment sectors that have significant economic ripple effects and are closely related to residents’ lives, thereby taking proactive measures to revitalize the local economy.

Park Jun-hee, Mayor of Gwanak-gu, stated, “Despite the difficult economic conditions due to COVID-19, all employees worked with one mind to promote projects and exceeded the target rate for local economic revitalization. We will do our utmost in the second half to ensure that our district’s economy recovers to the pre-COVID-19 level through active financial execution.”

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