Ministry of Economy and Finance Discusses Local Issues with 17 Municipalities... Reflected in Next Year's Budget Proposal

'2022 Local Finance Council' Held... Discussion of 170 Regional Priority Projects

[Asia Economy Sejong=Reporter Kwon Haeyoung] The Ministry of Economy and Finance announced on the 27th that it will hold the '2022 Local Finance Council' with 17 metropolitan local governments to discuss current projects for the preparation of next year's budget proposal.

The Local Finance Council is a meeting where financial authorities and local governments gather to discuss the direction of next year's fiscal management and regional current projects. This year, it will be held over three days from the 26th to the 28th, with approximately 200 participants including deputy heads of 17 metropolitan local governments and the Budget Office chief of the Ministry of Economy and Finance. The council will be conducted in a 1:1 meeting format between metropolitan local governments and the Ministry of Economy and Finance, with each metropolitan local government discussing about 10 key regional current projects in depth for one hour.

The 17 metropolitan local governments plan to actively advocate for the necessity of reflecting various regional current projects in the 2023 budget proposal, including social overhead capital (SoC) projects such as roads and railways, as well as industry, research and development (R&D), environment, and culture.

An official from the Ministry of Economy and Finance stated, "We will review about 170 regional current projects discussed today during the preparation process of next year's budget proposal," adding, "In that process, we plan to closely consult with local governments, related ministries, industry, and policy beneficiaries to ensure that opinions from regions and the field are linked to the budget."

Based on the ministry requests submitted by the end of May, the Ministry of Economy and Finance began the full-scale preparation of the 2023 budget proposal from early June. Among the regional current projects discussed today, those requiring national funding support will be reflected in the 2023 budget proposal and submitted to the National Assembly in early September.