Government to Allocate 65 Trillion Won in First Half for Six Key Projects Including Small Business Support

[Asia Economy Sejong=Reporter Kwon Haeyoung] The government will execute 65 trillion won out of the 94 trillion won budget for six major focus projects, including support for small business owners, in the first half of the year.

On the 27th, the government announced this at the 1st Fiscal Management Inspection Meeting of 2022, chaired by Ando Geol, the 2nd Vice Minister of the Ministry of Economy and Finance.

The government expects that difficulties in people's livelihoods will continue significantly due to the spread of the COVID-19 variant Omicron and strengthened quarantine measures, and plans to intensively execute 126.6 trillion won, which is 63% of the 201 trillion won central fiscal execution management target, in the first half of the year.

The execution speed of the budget for six major focus projects, including support for small business owners, carbon neutrality, job creation, and the Korean New Deal, will also be accelerated. Out of the total project budget of 94.3 trillion won, 65 trillion won will be executed in the first half. In particular, for the small business support budget, 10 trillion won out of 10.5 trillion won is planned to be executed in the first half.

The government will hold monthly fiscal management inspection meetings to check and manage the execution performance and plans of the six major focus project groups.

Vice Minister Ando Geol said, "Considering the different execution environment this year, such as the enforcement of the Serious Accident Punishment Act and the presidential election in the first quarter, all ministries should operate execution inspection teams by ministry and identify and resolve field difficulties early."

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