Government Tightens Fiscal Execution for Price Stability... Up to 1 Million Won Support for Low-Income Households Starting from the 24th

[Asia Economy Sejong=Reporter Kim Hyewon] The government will selectively execute a fiscal project worth 4 trillion won that directly and indirectly contributes to price stabilization and will intensively monitor its execution status. Additionally, the payment of support funds for vulnerable groups reflected in this supplementary budget (supplementary budget) will be advanced ahead of the originally planned schedule.

On the 10th, Choi Sang-dae, Vice Minister of Strategy and Finance, held the 'Fiscal Execution Vice Ministers' Meeting' at the Korea Agro-Fisheries & Food Trade Corporation aT Center and stated, "We will boldly shift to a method of targeted and intensive management of fiscal projects related to price stabilization." This means moving away from the existing fiscal execution management method that checks the overall execution rate of project groups such as rapid execution in the first half and minimizing carryover and non-execution in the second half, while tightening fiscal management for price stabilization.

From the supply management perspective, four major project areas were selected: stabilization of supply and demand of agricultural, livestock, fishery products and raw materials, alleviation of producers' cost burdens, and improvement of production and distribution structures. The targets include agricultural and fishery product stockpiling projects (724.7 billion won), petroleum, coal, and critical mineral stockpile management (91.4 billion won), fertilizer price stabilization support (180.1 billion won), and support for revitalizing production area distribution (320 billion won). From the consumer burden alleviation perspective, projects to ease consumer-perceived prices such as agricultural and fishery product discount coupons (119 billion won) and energy vouchers (230.5 billion won) were selected. Vice Minister Choi said, "Selected projects will be intensively managed through fiscal management inspection meetings to ensure timely and flawless execution according to the supply and demand situation and price trends of applicable items." He added, "If changes to projects are necessary due to worsening supply instability of key materials or other domestic and international conditions, we will respond by making full use of available resources such as reallocating existing budgets and changing fund operation plans."

Under this shift in the government's fiscal execution management policy, the execution of an emergency living support fund project worth 1 trillion won will begin on the 24th. A total of 2.27 million low-income households will receive up to 1 million won. Support funds for special types of workers and freelancers will start from the 13th, support funds for corporate taxi and bus drivers from the 24th, and support funds for cultural and artistic activities from the 30th. For about 1.18 million low-income households vulnerable to energy use, vouchers worth 172,000 won per household annually will be promptly provided to allow them to purchase energy sources such as electricity, gas, and kerosene.

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