Gwanak-gu's Full Effort for 'First Half Fiscal Year Rapid Execution'

Setting a 60% Rapid Execution Target for the First Half of This Year to Maximize Public Sector Fiscal Expenditure

Demonstrating the Strength That Has Led to Selection as an ‘Excellent Institution for Rapid Execution’ Seven Consecutive Times Over the Past Four Years, Also Evident in the 8th Elected Administration

[Asia Economy Reporter Park Jong-il] Gwanak-gu (Mayor Park Jun-hee) is setting a rapid fiscal execution target rate for the first half of this year and launching an all-out strategic fiscal execution campaign to revitalize the local economy, which has been weakened by high inflation.

‘Local Fiscal Rapid Execution’ is a system designed to stabilize the livelihood economy and enhance the efficiency of fiscal management through rapid public sector fiscal expenditure during economic downturns. The district has set the first half rapid execution target rate at 60%, which is 4.3 percentage points higher than the rate suggested by the Ministry of the Interior and Safety.

The district plans to rapidly execute 161.8 billion KRW out of the total fiscal execution amount of 269.6 billion KRW within the first half of the year. In particular, it will execute 69.4 billion KRW in the first quarter in consumption and investment sectors closely related to residents’ lives and with significant economic ripple effects, such as job creation projects, to maximize public sector fiscal expenditure.

To expand fiscal execution in the first half, the district plans to actively utilize rapid execution guidelines such as emergency bidding, activation of advance payment execution, shortening of contract-related review periods, and temporary expansion of negotiated contracts to improve execution efficiency.

Additionally, a ‘Rapid Execution Promotion Team’ led by the deputy mayor will be formed to establish a continuous fiscal execution monitoring system, focusing on managing fiscal execution status such as investment project execution and resolving obstacles.

As a result of strong determination and proactive fiscal management for local economic recovery, the district has been selected as an ‘Excellent Institution for Local Fiscal Rapid Execution’ seven consecutive times over the past four years, securing about 580 million KRW in fiscal incentives, which were used for public job projects and maintenance of side roads for residents.

A district official said, “The local economy is facing difficulties due to high inflation and high interest rates, making the role of the public sector even more important. We will do our utmost to recover the local economy by rapidly executing fiscal budgets in sectors closely related to residents’ lives for local economic revitalization and livelihood stabilization.”

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