Government: "Over 80% of the 2nd supplementary budget projects executed by September... Completion within the year"

Ando-geol, 2nd Vice Minister of Strategy and Finance

[Asia Economy Reporter Seongpil Cho] The government announced that it will "do its best to execute more than 80% of the second supplementary budget (supplementary budget) projects by September and complete the execution within the year."

The Ministry of Economy and Finance reported that Ando Geol, the 2nd Vice Minister of the Ministry of Economy and Finance, stated at the fiscal management inspection meeting held at the Government Complex Sejong that related ministries discussed the execution plan for the second supplementary budget. The government plans to promptly disburse the Hope Recovery Fund for small business owners and the additional national support fund for low-income groups starting from the 17th and 24th of next month, respectively. The timing for disbursement of the Win-Win National Support Fund and Win-Win Consumption Support Fund, which require consideration of the quarantine situation, will be decided later. Other projects aimed at strengthening quarantine, stabilizing employment and livelihoods (worth 6 trillion won) will expedite preliminary procedures such as project design, announcement, and recruitment to start execution of all projects by September.

According to the Ministry of Economy and Finance, the execution rate of the central government budget in the first half of this year recorded an all-time high of 68.2%. The execution rates of local government finances and local education finances were 64.3% and 75.6%, respectively. All central government, local government, and local education finances exceeded their early execution targets for the first half of the year. As of the 21st, 82.9% (9.3 trillion won) of the 11.3 trillion won budget under management for the first supplementary budget had been executed. Vice Minister Ando evaluated that "thanks to active execution, the government's contribution to growth maintained a positive (+) rate of 0.4 percentage points in the first quarter and 0.3 percentage points in the second quarter, fulfilling the role of fiscal policy as a catalyst for economic recovery."