"Second Supplementary Budget 3 Types of Support Funds 48.32 Million People Receive 14.7 Trillion Won... Over 90% Executed"

"Additional 83 Trillion Won to be Spent by Year-End on Central, Local, and Educational Finances"

Ando-geol, the 2nd Vice Minister of the Ministry of Economy and Finance, presides over the 14th Fiscal Management Inspection Meeting and delivers opening remarks at the Government Complex in Gwanghwamun, Seoul, on the 14th. (Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] The government announced on the 14th that it has executed over 90% of the three-package budget prepared through the 2nd supplementary budget (supplementary budget), including the Win-Win National Support Fund, Win-Win Consumption Support Fund, and Small Business Support Fund.

On the same day, the government reviewed this year's budget execution performance and established a plan to complete execution by the end of the year at the Fiscal Management Inspection Meeting chaired by Deputy Minister of Strategy and Finance Ando-geol. As of the 8th, central government finances executed 88.3% (542.9 trillion KRW), local government finances 81.0% (420.8 trillion KRW), and local education finances 84.5% (74 trillion KRW). The scale of execution for central, local, and local education finances increased by 69.6 trillion KRW compared to the same period last year.

The 1st and 2nd supplementary budgets executed 94.5% (30 trillion KRW) of the 31.8 trillion KRW under management. The 1st supplementary budget executed 95.9% (9.1 trillion KRW) of 9.5 trillion KRW, and the 2nd supplementary budget executed 93.9% (22.3 trillion KRW) of 22.3 trillion KRW.

The five cash support projects of the 1st supplementary budget?Beotimok Plus, Emergency Employment Stability Support Fund, Corporate Taxi Support Fund, Visiting and Care Worker Support Fund, and Jeonse Bus Support Fund?amounting to 5.5 trillion KRW, paid 5.3 trillion KRW to 3.77 million people by the end of August and completed the projects.

The three-package damage support of the 2nd supplementary budget?Win-Win National Support Fund, Win-Win Consumption Support Fund, and Small Business Hope Recovery Fund?amounting to 16.3 trillion KRW, completed 90.2% (14.7 trillion KRW) of support. The total number of beneficiaries is 48.32 million. The 8.6 trillion KRW Win-Win National Support Fund paid 8.5 trillion KRW to 43.03 million people and completed the project. The Win-Win Consumption Support Fund paid 387.5 billion KRW for card usage in October on the 15th of last month, and about 390 billion KRW for November will be paid on the 15th. The Small Business Hope Recovery Fund paid 4.2 trillion KRW to 1.89 million people, 110,000 more than the initially planned 1.78 million, and will review additional claims and payments by the end of the year. Loss compensation of 2.4 trillion KRW has paid 1.7 trillion KRW to 580,000 small business owners.

The government plans to mobilize all available resources by the end of the year to respond to downside risks in the economy and support the recovery trend. It will additionally execute a total of 83 trillion KRW within this year, including 56 trillion KRW in central government finances, 20 trillion KRW in local government finances, and 7 trillion KRW in local education finances, making it the largest annual fiscal execution. To this end, major projects will have their execution performance checked daily, and the remaining budget of underperforming projects will be reallocated to projects with smooth execution. Efforts will be made to minimize carryovers and unused funds and to improve on-site execution rates by utilizing special cases for advance payment of carryover budgets.

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