Increase Budget Execution Speed Next Year... Strengthen Transparency of National Subsidies

[Asia Economy Reporter Song Seung-seop] The government has decided to execute next year's budget as quickly as possible in response to the 'Sangjeohago' economic trend. Management of national subsidies and specific task expenses will be strengthened, while the autonomy of ministries in budget execution will be expanded.

On the 30th, the Ministry of Economy and Finance notified each ministry of the '2023 Budget and Fund Operation Plan Execution Guidelines.' Next year's budget will be executed swiftly to rapidly implement government policies and revised to ensure transparency in budget execution.

The special provisions of the National Contract Act have been extended until June 2023, and the early payment measures for health insurance benefits have been extended until the end of next year. The criteria for applying negotiated contracts have been relaxed from two failed bids to one, and the bid and contract deposit has been reduced to 50%.

To enhance transparency in budget execution, it has been made mandatory for each ministry to manage the status and management standards of important assets acquired through subsidies according to their own regulations and guidelines. A new information security budget item fitting the nature of information budgets has been created, and budgets are to be executed accordingly. For specific task expenses paid monthly to individuals, account transfers are to be the principle to improve transparency in execution.

Regarding contingency funds, reflecting the National Assembly's audit points, heads of each central agency are required to consider the feasibility of execution when requesting contingency funds.

To implement the responsible minister system, the scope of delegated authority for internal budget transfers (such as personnel expenses) has been expanded.

On the 23rd, members of the National Assembly listen to Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho's explanatory remarks on the supplementary budget revenue bill at the plenary session of the National Assembly.
[Image source=Yonhap News]

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