Gyeongbuk Province Forms 2nd Supplementary Budget of 821.7 Billion Won... Total Budget Surpasses 12 Trillion Won for the First Time

134.9 Billion KRW Invested to Revive Gyeongbuk-style Livelihood Energy... 527.4 Billion KRW Emergency Budget for COVID-19 Coexistence National Support Fund

The exterior view of the Gyeongbuk Provincial Government Office building.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Dong-guk] Gyeongbuk Province announced on the 15th that it has prepared a supplementary budget of 821.7 billion won and submitted it to the provincial council to revive the local economy, which has been stagnant due to the novel coronavirus infection (COVID-19).

The scale of this supplementary budget is 12.028 trillion won, an increase of 821.7 billion won (7.3%) from the original budget of 11.2063 trillion won, marking the first time that Gyeongbuk Province's budget has exceeded 12 trillion won.

By major sectors, first, in accordance with the comprehensive measures to revive the Gyeongbuk-style livelihood spirit, an additional 10.9 billion won in contingency funds for small business card fee support at the beginning of this year and 134.9 billion won for the Small Business New Wind Change-up, emergency livelihood stabilization support for general taxi drivers, etc., were newly allocated. In the first supplementary budget, 96.2 billion won was also urgently supported for the Small Business New Wind Change-up and taxi driver livelihood support.

The main contents include 53.4 billion won for support of small businesses and SMEs, including 4 billion won to strengthen the trade competitiveness of SMEs for export logistics support within the province, 4 billion won for intercity bus management stabilization support, 1 billion won for urban and rural bus loss compensation, and 2.5 billion won for online sales channel support for the Gyeongbuk Sale Festa.

Agriculture, forestry, and fisheries budgets totaling 3.5 billion won were allocated, including 300 million won for beekeeping competitiveness enhancement to support feed for beekeepers severely damaged by abnormal weather, and 1.4 billion won for modernization projects of aquaculture facilities for fish farms facing difficulties due to natural disasters such as red tides and high water temperatures.

For vulnerable groups such as the elderly, women, and the disabled, 49.5 billion won was allocated to strengthen the welfare safety net, including 500 million won for child happiness helper support to improve childcare environments in daycare centers, 300 million won to reduce parental burden for expanded childcare services, 2 billion won for temporary meal support for children at risk of food insecurity, and 31.2 billion won for temporary livelihood support.

To expand youth employment, 7.7 billion won will be supported for the Hope Job Project, 400 million won for the establishment of maker spaces to support youth creation and startups, and 100 million won for the Youth Special Zone Startup Ecosystem Creation Project, totaling 8.3 billion won.

The supplementary budget also includes an additional 509.2 billion won for the COVID-19 coexistence national support fund targeting 88% of residents in the lower income bracket and 18.2 billion won for additional national support funds aimed at low-income groups such as basic livelihood security recipients and near-poverty groups.

Lee Cheol-woo, Governor of Gyeongbuk Province, stated, "Although we could not fully reflect the demands of each sector in this supplementary budget, we focused on urgent issues such as projects that can be executed within the year from field meeting proposals, operating expenses for COVID-19 screening clinics, disinfection supplies for multi-use facilities, high water temperature damage prevention projects, support for socially vulnerable groups, and revitalization of the local economy."

Meanwhile, the 2021 second supplementary budget bill submitted by the province will be finalized on the 2nd of next month after deliberation by the provincial council's standing committee and the budget and accounts special committee.

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