Gyeonggi-do Secures 16.5605 Trillion Won in National Budget for 2022... Largest Ever Amount

65 Projects Including Byeollae Line Double-Track Railway Increased by 328.8 Billion KRW
Local Currency Budget Secured at 140 Billion KRW, Up by 84 Billion KRW

[Asia Economy Reporter Ra Young-cheol] Gyeonggi Province has secured 16.5605 trillion KRW in national funds for the 2022 fiscal year.

On the 6th, the province announced, "Through the revised government budget for 2022, we secured the largest-ever amount of national funds, an increase of 183.8 billion KRW (1.1%) compared to this year."

The initial amount of national funds secured for Gyeonggi Province in the government budget proposal was 16.2317 trillion KRW, but it increased by 328.8 billion KRW during the National Assembly review process.

The increased project budgets include ▲164 billion KRW for social overhead capital (SOC) construction projects (including 46.7 billion KRW for the Wolgot-Pangyo double-track railway) ▲85.8 billion KRW for economic and job projects (including 84 billion KRW to support expanded issuance of local love gift certificates) ▲38.4 billion KRW for culture and education projects (including 36.3 billion KRW for early childhood education and childcare support) ▲40.6 billion KRW for other projects (including 21.2 billion KRW for the metropolitan bus quasi-public operation project).

In particular, the budget for local currency was initially about 56 billion KRW, a significant decrease from last year, but due to requests for budget increases to alleviate consumption contraction and revitalize local small businesses and neighborhood markets, it was increased by 84 billion KRW to secure 140 billion KRW.

The total social overhead capital (SOC) budget, mainly allocated to railway and road projects, increased from 4.1697 trillion KRW this year to 4.4073 trillion KRW next year, securing an additional 237.6 billion KRW.

Major projects include ▲330.9 billion KRW for the Metropolitan Area Express Railway Line A (Paju-Samsung) ▲670.6 billion KRW for the Guri-Anseong (Seoul_Sejong) Expressway ▲182.5 billion KRW for the Metropolitan Area 2nd Ring Road (Gimpo-Paju) Expressway.

The health and welfare budget opened the 9 trillion KRW era, increasing from 8.9183 trillion KRW this year to 9.1419 trillion KRW in 2022, supported by population growth in Gyeonggi Province and expanded national welfare policies.

Representative projects include ▲14.223 billion KRW for medical benefits ▲28.901 billion KRW for basic pensions ▲9.140 billion KRW for livelihood benefits.

Choi Won-yong, Director of Planning and Coordination at the province, said, "We have secured the largest-ever national funds," adding, "We will make every effort to promptly execute the hard-earned national funds in a timely and appropriate manner to maximize policy effects."

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