Oh Byeong-kwon Acting Governor Urges Active Execution of Gyeonggi-do's Budget for Consumption and Investment Sectors This Year

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Oh Byeong-kwon, Acting Governor of Gyeonggi Province, urged active budget execution to revitalize the local economy, which has been stagnated due to COVID-19.

On the 15th, Acting Governor Oh held a fiscal rapid execution inspection meeting for 31 city and county deputy heads participating via video at the provincial office, stating, "In the ongoing situation of COVID-19, more active budget execution in the public sector is important," and emphasized, "Please maximize the execution rate of consumption and investment projects that can lead to local economic revitalization by inspecting major underperforming projects in each city and county."

The target amount for rapid execution in the consumption and investment sectors for the 4th quarter (October to December) of Gyeonggi Province, including cities and counties, is a total of 4.685 trillion KRW, consisting of 620.2 billion KRW for Gyeonggi Province and 4.0648 trillion KRW for cities and counties.

Among the total local fiscal rapid execution target amount of 26.5 trillion KRW set by the Ministry of the Interior and Safety, Gyeonggi Province accounts for 17.7%, the highest among the 17 metropolitan cities and provinces nationwide.

Through this inspection meeting, the province plans to newly discover additional executable projects and expand the execution of progress payments and advance payments for large-scale investment projects such as facility construction costing over 5 billion KRW in Gyeonggi Province and over 3 billion KRW in cities and counties.

Additionally, the province plans to propose to relevant ministries the difficulties cities and counties face in budget execution, such as the supply shortage of rebar necessary for facility construction.

The province expects these measures to help achieve the Ministry of the Interior and Safety’s rapid execution evaluation target amount.

The Ministry of the Interior and Safety conducts local fiscal rapid execution evaluations twice a year nationwide to achieve economic growth targets.

The province has formed a rapid execution promotion team led by the Planning and Coordination Office chief to frequently inspect and manage the fiscal execution status of the provincial office and cities and counties, maintaining an organic cooperative system with central government ministries.

In particular, it focuses on managing the budget execution status of consumption and investment projects closely related to the local economy, such as personnel expenses, material costs, and facility expenses, through evaluations.

Meanwhile, in the first half of this year’s Ministry of the Interior and Safety rapid execution evaluation results, five cities and counties?Anyang, Suwon, Yangpyeong, Uijeongbu, and Yeoju?were selected as the best, and four cities and counties?Goyang, Yeoncheon, Paju, and Yangju?were selected as excellent institutions, receiving institutional commendations along with a total special grant of 415 million KRW as incentives.

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