Government Allocates 73% of Next Year's First Half Budget... Highest Early Execution Ever

[Sejong=Asia Economy Reporter Son Seon-hee] The government has decided to execute 73% of next year's budget early in the first half of the year.

According to the Ministry of Economy and Finance on the 7th, the government confirmed the '2022 Budget Allocation Plan' with this content at the Cabinet meeting.

The size of the expenditure budget (general account + special account), excluding funds, in next year's budget is a total of 497.7 trillion won. The government allocated 363.5 trillion won (73%) in the first half to help the Korean economy regain vitality early. This is the highest ratio of budget allocation in the first half ever recorded.

In particular, it explained that early allocation focused on quarantine measures, industry and small and medium enterprises (including small business owners), and research and development (R&D) sectors to support COVID-19 response and future leap.

The Ministry of Economy and Finance stated, "We will thoroughly prepare in advance so that the allocated budget is executed early from the beginning of the year through procedures such as fund allocation."