Vice Minister of Strategy and Finance: "Budget Execution of 472.8 Trillion KRW by Q3"

[Sejong=Asia Economy Reporter Kim Hyunjung] The government announced that it has executed a budget exceeding 470 trillion won by the third quarter of this year.

On the morning of the 15th, Ando Geol, the 2nd Vice Minister of the Ministry of Economy and Finance, chaired the '10th Public Institution Investment Execution Inspection Meeting' at the headquarters of Korea Asset Management Corporation (KAMCO) in Busan, stating, "We are currently mobilizing all available policy measures, including two supplementary budgets and private, private investment, and public investment projects totaling 110 trillion won, to overcome the COVID-19 crisis and achieve rapid economic recovery."

The government executed 472.8 trillion won by the third quarter, an increase of 33.9 trillion won compared to the previous year, out of the main budget and two supplementary budgets totaling 612.4 trillion won. Major public institutions also expanded their investment scale by 3.3 trillion won from the previous year to 64.8 trillion won, executing 44.8 trillion won by the third quarter, which is 1.2 trillion won more than the previous year.

To minimize the negative impact of the fourth wave of COVID-19 on the real economy and to stabilize the economic recovery trend, public institutions will focus on execution inspections in areas such as ▲ residential stability support including land acquisition costs for the 3rd phase new towns (Korea Land and Housing Corporation) ▲ household normalization and corporate recovery support to overcome COVID-19 (KAMCO) ▲ expansion of social infrastructure with significant economic activation effects such as railroads (SOC public enterprises) ▲ expansion of eco-friendly, energy, and safety facilities such as power and gas (power generation public enterprises).

During a meeting with heads of public institutions located in the Busan Innovation City on the same day, Vice Minister Ando stated that the recently announced reform plan for the management evaluation system will be designed to help the practical management improvement of public institutions and reduce the administrative burden on citizens and public institutions.

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