Revision of Next Year's Budget Execution Guidelines... "Support for Early Fiscal Execution and Balanced Development"
The Ministry of Economy and Finance Notifies Each Ministry of Next Year's Budget and Fund Operation Plan Execution Guidelines
[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Economy and Finance announced on the 31st that it has revised the execution guidelines for next year's budget and fund operation plans and notified each ministry in order to expedite fiscal execution and support government policies such as national balanced development.
The revised execution guidelines for next year's budget and funds include extending the special provisions under the National Contract Act until June next year to facilitate early fiscal execution.
It includes measures to assist early fiscal execution, such as relaxing the criteria for applying negotiated contracts and reducing deposits.
A new regulatory basis was established to allow early budget execution through advance payment of public utility charges.
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It also contains provisions to support national balanced development policies. Preferential clauses can be applied to underdeveloped areas during regional balanced New Deal projects. Additional points can be awarded using balanced development indicators for underdeveloped or financially disadvantaged regions.
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