Government "Exceeded First Half Budget Execution Target by 2%p"

Central Fiscal Standards... Local Education Finance Has Already Achieved Target Values

Ando-geol, the 2nd Vice Minister of Strategy and Finance, presiding over the 7th Fiscal Management Inspection Meeting held at the Government Seoul Office on the 24th. (Photo by Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Economy and Finance predicted on the 24th that the budget execution performance for the first half of the year is expected to exceed the target, reaching an all-time high level.

On the same day, the Ministry held the 7th Fiscal Management Inspection Meeting at the Government Seoul Office, chaired by Second Vice Minister Ando Geol, to review the progress of early fiscal execution for the first half of the year.

First, regarding central finances, as of the 15th (preliminary data), 93.4% of the first half target amount, 202.3 trillion won, was executed, and with additional execution by the end of this month, it is expected to exceed the original execution rate target of 63.0% by 2.0 percentage points.

Local education finances executed 12.4 trillion won. With an execution rate of 64.7%, the target has already been achieved. Local finances are also expected to meet the target by the end of this month.

By sector, the Ministry of Economy and Finance anticipated that all major sectors, including jobs, social overhead capital (SOC), and the Korean New Deal, will achieve their execution targets.

The Ministry also decided to establish annual investment plans even for small-scale projects to increase the actual execution rate of capital subsidy projects by local governments.

They plan to flexibly adjust grants reflecting the actual execution performance of each local government and change the execution performance criteria to actual execution rates during performance evaluations for focused inspections.