Government Executes 75.5% of 2020 Main Budget... Accelerates 4th Supplementary Budget

[Asia Economy Reporter Kwangho Lee] An Il-hwan, Vice Minister of Strategy and Finance, stated on the 28th, "The 2020 main budget is showing a favorable progress rate, having executed 233.2 trillion won, which is 75.5% of the 308.8 trillion won of managed projects by the end of August." He continued, "The first supplementary budget (supplementary budget 1) of 11.7 trillion won, prepared in March to strengthen infectious disease response and overcome the damage caused by the novel coronavirus disease (COVID-19), and the second supplementary budget (supplementary budget 2) of 14.3 trillion won, prepared in May to provide emergency disaster relief funds to all citizens, are currently in the final stages of execution as of the 25th. The third supplementary budget (supplementary budget 3), prepared at 35.1 trillion won to support the Korean New Deal promotion and boost economic vitality, has executed 15.2 trillion won, which is 79.3% of the 19.1 trillion won managed from July 3 to September 24, approaching the execution goal of 'executing 80% of major project funds within three months after passing the National Assembly,'" he explained.

Vice Minister An stated at the emergency fiscal management inspection meeting held at the Government Seoul Office on the same day, "Our government is simultaneously pursuing two missions: preventing the spread of infectious diseases through strengthened quarantine measures and enhancing economic vitality through active fiscal management."

Vice Minister An diagnosed, "International organizations such as the Organisation for Economic Co-operation and Development (OECD) are also positively evaluating our government's active fiscal management, but the conditions facing our economy remain severe."

Vice Minister An emphasized, "The government has prepared a 'customized emergency disaster relief package' worth a total of 7.8 trillion won through the fourth supplementary budget (supplementary budget 4) to provide some support to citizens struggling due to the resurgence of COVID-19, and is promoting it with the goal of executing more than 70% by Chuseok." He then urged, "Financial officers of each ministry and local government should carefully and meticulously manage the entire process so that citizens can apply for and receive the support funds reflected in the fourth supplementary budget smoothly and without inconvenience."