Ministry of the Interior and Safety Holds '2022 Korea Local Finance Awards' Ceremony

Encouragement and Awards for 63 Local Governments and 48 Meritorious Individuals

[Image source=Yonhap News]

[Asia Economy Reporter Kiho Sung] On the 22nd, the Ministry of the Interior and Safety held the '2022 Korea Local Finance Awards' ceremony at the International Conference Hall of the Government Seoul Office and announced that it selected and awarded 63 outstanding local governments and 48 meritorious persons who contributed to the development of local finance in 2022.

At the ceremony, out of a total of 111 awards, awards were presented to 17 organizations including 10 Local Finance Awards, 3 Excellent Participatory Budgeting Organizations, and 4 Excellent Financial Analysis Organizations, as well as 3 individuals who contributed to the development of local finance.

The 'Local Finance Award' is an event that rewards outstanding organizations and individuals who contributed to the development of local finance in various fields such as expenditure efficiency and revenue increase, and aims to discover and share excellent cases of local finance utilization. Starting this year, a joint awards ceremony integrating local finance-related fields such as financial analysis and participatory budgeting was specially held.

A total of 35 outstanding organizations were selected for the 2022 Korea Local Finance Awards (4 Presidential Awards, 4 Prime Minister Awards, 27 Minister of the Interior and Safety Awards), and among them, 10 organizations (4 Presidential Awards, 4 Prime Minister Awards, 2 Minister of the Interior and Safety Awards) received awards at this ceremony.

The Presidential Local Finance Awards were given to four organizations: Nonsan-si, Chungcheongnam-do; Daegu Metropolitan City; Jeju Special Self-Governing Province; and Jindo-gun, Jeollanam-do, with prize money of 3 billion KRW, 2 billion KRW, 1 billion KRW, and 1 billion KRW respectively. The top local finance award winner of 2022, Nonsan-si, Chungcheongnam-do, expanded citizen convenience facilities by utilizing idle national and public land through civil-government-military cooperation, and Daegu Metropolitan City (2nd place) was selected as an excellent organization by achieving fiscal soundness through financial innovation and public institution structural reform.

Additionally, the 2022 Local Finance Award Prime Minister Awards were given to four organizations: Gyeonggi-do, Uiseong-gun in Gyeongsangbuk-do, Boeun-gun in Chungcheongbuk-do, and Incheon Metropolitan City, each receiving prize money of 500 million KRW. The Minister of the Interior and Safety Awards were given to two organizations: Namwon-si in Jeollabuk-do and Busan Metropolitan City, each receiving prize money of 100 million KRW.

At this ceremony, three '2022 Excellent Participatory Budgeting Organizations' and four '2022 Excellent Local Financial Analysis Organizations' also received awards.

The '2022 Excellent Participatory Budgeting Organizations' were selected through a public contest and review starting in November, choosing 14 organizations with excellent formation and operation of participatory budgeting bodies, high scope and level of citizen participation, and full support for participatory activities. At this ceremony, three organizations?Dangjin-si in Chungcheongnam-do, Yuseong-gu in Daejeon Metropolitan City, and Geochang-gun in Gyeongsangnam-do?received the Minister of the Interior and Safety Award, with prize money of 100 million KRW, 100 million KRW, and 70 million KRW respectively.

The '2022 Excellent Local Financial Analysis Organizations' were selected among 14 organizations that achieved high performance in local financial management in the areas of fiscal soundness, financial efficiency, and financial planning. At this ceremony, four organizations?Hwaseong-si in Gyeonggi-do, Cheorwon-gun in Gangwon-do, Namhae-gun in Gyeongsangnam-do, and Gangseo-gu in Seoul Special City?received the Minister of the Interior and Safety Award, each awarded 90 million KRW.

The Ministry of the Interior and Safety plans to actively disseminate excellent cases by sector to local governments nationwide so that they can benefit the lives of all citizens.

Minister of the Interior and Safety Sang-min Lee said, “I would like to express my gratitude and congratulations to the awardees who have dedicated themselves to the development and innovation of local finance in various fields,” and added, “The Ministry of the Interior and Safety will continue to work with local governments to find ways to provide greater benefits to residents’ lives and improve financial systems and institutions.”

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