Gyeongnam Province Submits 798.6 Billion KRW Supplementary Budget to Revitalize Domestic Demand

Total 2023 Budget Including Supplementary Budget: 12.9828 Trillion Won

Gyeongsangnam-do has submitted a second supplementary budget proposal amounting to 798.6 billion KRW to the 405th regular session of the Provincial Council in June.

On the 7th, Gyeongnam Province announced that this supplementary budget was prepared as an essential project budget to reflect changes in central government support projects, urgently respond to measures to revitalize domestic demand, support the recovery of domestic vitality and the livelihood economy, and strengthen the safety net for residents.

It added that by allocating 100 billion KRW from the regional development fund to early repayment of local bonds in response to high interest rates, it reduced the local bond interest burden by 11 billion KRW, thereby promoting sound fiscal management.

Governor Park Wansu of Gyeongnam Province is explaining the proposal for the 2nd supplementary budget of 2023.
[Photo by Gyeongnam Provincial Government]

As a result, the total budget size of Gyeongnam Province this year, including this supplementary budget, is 12.9828 trillion KRW.

The main supplementary budget items include ▲ 143.8 billion KRW for measures to revitalize domestic demand through support for small business owners, SMEs, and farmers ▲ 199.5 billion KRW to strengthen the safety net for residents by preventing disaster risk factors in advance and expanding transportation infrastructure ▲ 124.7 billion KRW to enhance support for resolving welfare blind spots for farmers and fishermen, the elderly, the disabled, and victims of rental damage.

A provincial official said, “This supplementary budget focuses on the recovery of the livelihood economy, ensuring the safety of residents, and realizing a happy Gyeongnam for residents struggling due to high inflation and economic recession, and only includes necessary projects. We will actively strive to revitalize domestic demand by promptly executing the supplementary budget where it is most needed.”

This supplementary budget proposal will be reviewed at the 405th regular session of the Provincial Council starting on the 7th and is expected to be finalized on the 22nd.

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