Gyeongbuk Province Drafts Third Supplementary Budget of 1.72 Trillion Won for Livelihood Consumption Coupons and Wildfire Recovery

On August 17, Gyeongbuk Province announced that it has drafted and submitted the third supplementary budget proposal for 2025 to the provincial council, aiming to revitalize the local economy and advance reconstruction projects in areas severely affected by large-scale wildfires.

This third supplementary budget, totaling 1.7226 trillion won, is focused on stimulating the livelihood economy that directly impacts residents’ lives, as well as on the recovery and revitalization of wildfire-affected areas.

Gyeongbuk Provincial Government Building

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Through this supplementary budget, Gyeongbuk Province intends to maximize the local economic impact by aligning with the central government’s consumption-boosting policies. The province also aims to use this as a foundation for future-oriented investments that will not only support short-term recovery but also strengthen Gyeongbuk’s economic and safety infrastructure.

To revive local consumption, which has been dampened by the economic downturn, and to restore vitality to the local economy-including neighborhood businesses and small merchants-the province has allocated 791.2 billion won for urgent livelihood recovery measures.

Specifically, 725.9 billion won has been earmarked for the Livelihood Recovery Consumption Coupon Program. This initiative will issue consumption coupons that can be used in daily life sectors such as agricultural, livestock, and marine products, dining, and culture and sports, thereby expanding consumption and boosting sales for small businesses.

The Local Love Gift Certificate Program will see its issuance volume increased by city and county, with approximately 1.3 trillion won in certificates to be distributed. This is expected to stimulate local spending, prevent capital outflow, and provide tangible support for small business management stability and job retention.

Through these measures, Gyeongbuk Province plans to establish a virtuous economic cycle where money circulates within the region, and both jobs and sales increase, thereby accelerating tangible livelihood recovery for residents.

Additionally, a budget of 885 billion won has been allocated to ensure stable recovery and reconstruction in areas devastated by large-scale wildfires.

Of this, 721.7 billion won will be invested in restoring the functions of public and private facilities damaged by the fires, with a concentrated effort to promptly normalize infrastructure such as roads, water and sewage systems, and waste management, as well as daily life and safety infrastructure.

Furthermore, 133.8 billion won has been set aside to strengthen disaster prevention and rapid response capabilities. This includes budgets for removing hazardous trees, preventing landslides, and establishing wildfire response centers, all aimed at making Gyeongbuk safer and more resilient to disasters.

In addition, a 29.5 billion won Community Recovery Support Project will be implemented, not only to restore the affected areas but also to recreate them as safer and more livable villages.

In July, Gyeongbuk Province established the Forest Disaster Innovation Task Force for discovering innovative forestry projects and overhauling the forest disaster response system, as well as the Village Housing Regeneration Task Force for the revitalization of affected communities. This supplementary budget includes special urban regeneration projects and village-level wildfire recovery and regeneration initiatives.

The province also plans to turn the crisis of large-scale wildfires into an opportunity by establishing a strategic response system that encompasses forest ecosystem restoration, stabilization of residents’ livelihoods, and regional economic recovery.

Preparations for the upcoming 2025 APEC Summit will also be supported with even greater thoroughness. In particular, the province will expedite the construction of key infrastructure such as the summit venue, media center, and banquet hall to ensure early completion, and will conduct trial operations prior to the event for flawless readiness.

In addition, support will be provided for building transportation infrastructure and hosting cultural festivals, with a strong focus on promoting Gyeongbuk’s cultural and tourism resources in conjunction with the APEC Summit.

Amid economic stagnation and deteriorating revenue conditions, Gyeongbuk Province has undertaken strong expenditure restructuring for this supplementary budget. Unnecessary or non-urgent projects, as well as those with poor outcomes or low execution rates, have been boldly reduced, and similar or overlapping projects have been integrated and adjusted.

This demonstrates Gyeongbuk Province’s strong commitment to maintaining fiscal soundness while successfully implementing national events and addressing regional priorities.

Lee Cheolwoo, Governor of Gyeongbuk Province, emphasized, "We must make even greater efforts to revive Gyeongbuk’s livelihood economy and advance key provincial initiatives. We will breathe new life into the livelihoods of struggling residents and restore villages and forests scarred by wildfires. Furthermore, we will lead the new government’s policy direction and ensure the global success of the APEC Summit, bringing strength and hope to Gyeongbuk’s future."

The third supplementary budget proposal for 2025 submitted by Gyeongbuk Province is scheduled to be finalized at the plenary session on September 4, following review by the provincial council’s standing and budget committees.

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