Korea Rail Network Authority "Rapid and Efficient Budget Execution... Focus on Early Execution in Facility Sector"

[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Korea Rail Network Authority announced on the 30th that it held a ‘Facility Sector Budget Execution Inspection Meeting’ to ensure the rapid and efficient execution of the budget.

The inspection meeting was organized to review the execution status of the facility sector budget and to focus on discussing measures to improve the execution rate by sector and the status of early execution.

This year, the total project cost of the Rail Network Authority is 6.5746 trillion KRW, of which the facility sector budget amounts to 2.5488 trillion KRW, accounting for 39% of the total.

The Rail Network Authority aims to execute 1.58 trillion KRW (62% of the total facility project cost) for facility projects in the first half of this year.

To this end, projects with sluggish early execution will be intensively managed through a task force (TF), and on-site difficulties such as reflecting the price increase of construction materials will be inspected to ensure that project costs can be executed early and timely, according to the Rail Network Authority’s strategy.

Shin Hyung-ha, Head of the Facility Headquarters at the Rail Network Authority, said, “As the direction of railway safety policy shifts to preventive maintenance and improvement systems, the budget for the facility sector is increasing every year. The Rail Network Authority plans to focus on budget execution for railway facility improvement and modernization so that the public can use the railway safely.”

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