Oh Byung-kwon Acting Governor Urges "Active Budget Execution to Revitalize Gyeonggi Regional Economy"

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

On the 14th, Acting Governor Oh held a video conference with deputy heads of 31 cities and counties at the provincial office, emphasizing, "In a situation where domestic and international economic uncertainties are increasing due to COVID-19, more active budget execution by the public sector is important."

He added, "Since Gyeonggi Province accounts for the largest portion of local finances nationwide, please maximize the execution rate of consumption and investment projects that can lead to economic revitalization by inspecting major underperforming projects in each city and county."

The rapid execution target amount for consumption and investment in Gyeonggi Province for the first quarter (January to March) is a total of 3.5767 trillion KRW, including 555.4 billion KRW for Gyeonggi Province and 3.0213 trillion KRW for cities and counties. Among the total rapid execution target of 21.5 trillion KRW set by the Ministry of the Interior and Safety for local finances, Gyeonggi Province accounts for 16.6%, the largest portion 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 that were sluggish due to winter construction suspension.

In addition, the province plans to propose to relevant ministries the budget execution difficulties faced by cities and counties, such as preliminary administrative procedures requiring cooperation from central government departments. The province expects that such expansionary fiscal execution in the public sector will promote economic recovery and private consumption and investment.

The Ministry of the Interior and Safety sets rapid execution targets for local finances twice a year, in the first and second halves, and conducts evaluations targeting local governments nationwide to achieve economic growth rates.

Meanwhile, last year, Gyeonggi Province executed the largest consumption and investment budget of 16.1702 trillion KRW among the 17 metropolitan cities and provinces nationwide, exceeding the target by 843.7 billion KRW.

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