Gangnam-gu Allocates 71.5 Billion KRW Supplementary Budget to Revitalize Local Economy

Efforts to Overcome COVID-19 Including Direct Cash Payments for Small Business Rent and Issuance of Local Love Gift Certificates

[Asia Economy Reporter Park Jong-il] Gangnam-gu (District Mayor Jeong Soon-gyun) and the Gangnam-gu Council (Chairman Han Yong-dae) on the 28th formulated and approved the second supplementary budget for 2020 amounting to 71.5 billion KRW, containing measures to revitalize the local economy stagnated due to the prolonged COVID-19 pandemic.

This supplementary budget increased by 22.3 billion KRW from the original 49.2 billion KRW through cooperation with the district council, securing a total of 15.7 billion KRW in available funds by restructuring expenditure budgets, including a cut of 5.7 billion KRW for overseas training expenses for council members and canceled or postponed events and festivals due to COVID-19.

The district and the council allocated a total of 48.5 billion KRW to stabilize employment and the livelihoods of ordinary citizens affected by COVID-19, including ▲ cash payments of 1.4 million KRW for small business owners' rent (14 billion KRW) ▲ compensation for discounts on mobile local love gift certificates (2.33 billion KRW) ▲ specimen testing and strengthened quarantine measures (730 million KRW) ▲ emergency text message dispatch (60 million KRW).

Additionally, to help increase sales for small business owners, an additional issuance of Gangnam Love Gift Certificates worth 20 billion KRW, which had been issued in April, July, and September totaling 43 billion KRW, will be possible in October.

District Mayor Jeong Soon-gyun stated, “We will continue to swiftly implement projects related to the supplementary budget based on cooperation with the district council and try various measures to revive the local economy.”

Chairman Han Yong-dae expressed, “I deeply thank the residents who have silently adhered to quarantine rules despite the inconveniences and difficulties during the prolonged COVID-19 pandemic.”