Government: "Central government to execute 101 trillion won and local governments 67 trillion won in budget by year-end"

Ando-geol, 2nd Vice Minister of Strategy and Finance. Photo by Yonhap News

[Asia Economy Reporter Moon Hyewon] The government announced on the 2nd that it will make every effort to execute central and local finances as well as local education finances over the remaining two months of the year to support the economic recovery in the fourth quarter.

Andogul, Vice Minister of Strategy and Finance, held a fiscal management and inspection meeting on the day and said, "Although exports are expected to perform well in the fourth quarter, uncertainties both domestic and abroad remain due to the global monetary policy shift, inflation, and supply disruptions," adding, "In November and December remaining this year, all policy measures must be mobilized to reinforce the economic recovery and revitalize the livelihood economy."

He also urged, "Please establish fiscal execution goals that maximize the use of available resources in central, local, and local education finances respectively and execute them without any setbacks."

As of the 1st, 81.6% (KRW 500.8 trillion) of the KRW 614 trillion central finances, 72.1% (KRW 373 trillion) of the KRW 517.1 trillion local finances, and 78.4% (KRW 68.2 trillion) of the KRW 86.9 trillion local education finances have been executed respectively.

The government plans to execute KRW 101 trillion in central finances, KRW 67 trillion in local finances, and KRW 13 trillion in local education finances during the remaining period of this year.

Key execution projects include loss compensation for small business owners, mutual growth consumption support funds, nine major consumption coupons, fiscal support jobs, and employment retention subsidies.

Fiscal execution to promote private investment, such as research and development (R&D) grants and the creation of the Songpa Sports Complex, will also be managed intensively.

As of the 27th of last month, 94.0% (KRW 8.9 trillion) of the KRW 9.5 trillion subject to management in the first supplementary budget (supplementary budget) this year has been executed.

As of the same day, 88.1% (KRW 19.7 trillion) of the KRW 22.3 trillion subject to management in the second supplementary budget has been executed.

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