Namwon-si Selected as an 'Excellent Institution' in Local Finance Execution Evaluation

Namwon City in Jeonbuk announced on the 10th that it was selected as an "Excellent Institution" after receiving an evaluation from the Ministry of the Interior and Safety for operating its finances efficiently and stably in the second half of the 2022 fiscal year during the 8th local government administration.

This result came from the city’s prompt execution of the 2nd supplementary budget for the second half of last year, aimed at promoting pledged projects and current issues since the start of the 8th local government administration.

In the evaluation of active execution in the second half conducted on 243 local governments nationwide, the city executed 1.0606 trillion KRW (81.7%) out of the total budget of 1.2988 trillion KRW.

In the consumption and investment sectors, Namwon City executed 182.2 billion KRW (114%) out of 159.4 billion KRW, ranking first among cities in Jeonbuk and was selected as an excellent institution, expected to receive 150 million KRW in special incentive grants.

Especially in the second half of last year, high inflation and high interest rates maximized difficulties for the common people and vulnerable groups, and there were concerns about economic recession.

The government urged local governments to actively cooperate so that the budget that could be executed by the end of the year would be maximally spent to revitalize the local economy and maximize policy effects.

The city focused on major statistical budget items that could be executed by the end of the year to revitalize the local economy, strengthen the local social safety net, and build a sustainable growth foundation, with all employees moving swiftly to fully commit to financial execution in the second half.

A city official said, “We will also manage financial execution with a sense of speed in the first half of this year to do our best to improve residents’ convenience and welfare.”

Namwon = Asia Economy Honam Reporting Headquarters, Reporter Jeong Young-gwon baekok@asiae.co.kr

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