'Efficient Execution of Local Finances' Ministry of the Interior and Safety to Implement Local Finance Execution Plan in the Second Half of the Year

Promotion of Local Fiscal Execution Including Timely Implementation of Livelihood Stability Budget and Minimization of Carryover and Unused Funds

[Asia Economy Reporter Lim Cheol-young] The Ministry of the Interior and Safety announced on the 31st that it has prepared and is implementing the "Second Half of 2022 Local Finance Execution Plan" to ensure that local finances are executed timely and efficiently for stabilizing the livelihood of residents and recovering the local economy, considering the recent expansion of high inflation and difficult economic conditions.

The Ministry plans to manage the execution status monthly to ensure that budgets related to livelihood stabilization, such as support for low-income groups, financial support for small business owners, and startup support for small and medium enterprises, are executed promptly within local government budgets.

In addition, to minimize the amount of budget rollover or non-utilization due to untimely execution of allocated budgets, large-scale investment projects (over 5 billion KRW for metropolitan and 3 billion KRW for basic local governments) will have their execution status checked at each progress stage. For general projects, administrative procedures will be managed to proceed smoothly, and project funds that cannot be executed will be adjusted to executable projects.

Local public enterprises will manage to ensure smooth execution of livelihood stabilization projects such as public rental housing construction for low-income households and improvement projects for aging public housing, as well as projects closely related to residents' lives like the replacement of aging water pipes.

The Ministry of the Interior and Safety plans to strengthen close cooperation with local governments by identifying difficulties faced by local governments, supporting the removal of obstacles to financial execution, and actively providing on-site customized consulting.

Choi Byung-kwan, Director of the Local Finance and Economy Office at the Ministry of the Interior and Safety, said, "We will do our best together with local governments and local public enterprises to ensure that projects funded by taxpayers' money are properly executed to minimize the burden on citizens caused by high inflation and to overcome difficulties in the livelihood economy."

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