[2022 National Audit] Choo Kyung-ho "Local Government Resources to Increase Next Year... Local Governments Should Support Regional Currency"

"Local Governments with High Financial Independence Receive More Budget Support for Local Currency"

Deputy Prime Minister for Economy Choo Kyung-ho attended the National Assembly audit on the Ministry of Economy and Finance (Economic and Fiscal Policy) held on the 4th and is responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Sejong=Reporter Kwon Haeyoung] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 4th regarding the cut in next year's national budget support for local currency, "If local governments need it, they can use their own budgets to support local currency."

Deputy Prime Minister Choo stated this during the Ministry of Economy and Finance's audit at the National Assembly's Planning and Finance Committee on the same day, saying, "The funds transferred from the central government to local governments will increase by 11 trillion won compared to this year."

He explained, "Since the central government allocates the local currency budget, more central support goes to areas with higher local fiscal independence," adding, "Local currency subsidies are provided to places like Suwon and Seongnam, where local fiscal conditions are good and general grants are not even allocated." He continued, "It is not appropriate for Gyeonggi-do to receive six times, Jeju twelve times, and Jeollanam-do four times more support than Gangwon-do in the form of local currency subsidies," and said, "Local governments should allocate and decide on funds according to their priorities."

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