Gangwon-do to Receive 246.5 Billion Won from 'Local Extinction Response Fund'... Addressing 'Population Decline'

Support for Metropolitan Accounts 2 Years ('22~'23) 60.3 Billion KRW
Support for Basic Accounts 2 Years ('22~'23) 186.2 Billion KRW

Gangwon Provincial Government

[Asia Economy Reporter Ra Young-cheol] The allocation amounts for the two-year ('22, '23) "Local Extinction Response Fund Investment Plan" for 16 cities and counties in Gangwon Province (12 population decline areas, 4 areas of interest) have been finalized.

The government will support with an annual government contribution fund of 1 trillion won for the next 10 years starting this year to respond to local extinction and population decline, with 750 billion won allocated in 2022. Of this, 25% is distributed to metropolitan local governments (metropolitan fund) and 75% to basic local governments (basic fund).

The metropolitan fund was allocated in fixed amounts considering the designation ratio of population decline areas and the average population decline index, while the basic fund was distributed differentially by city and county based on the evaluation of investment plans submitted by each city and county.

According to Gangwon Province on the 17th, the province was allocated a total of 246.5 billion won. The metropolitan account is 60.3 billion won (25.8 billion won in '22, 34.5 billion won in '23), and the basic account is 186.2 billion won (79.8 billion won in '22, 106.4 billion won in '23).

The basic account allocation accounts for 14.2% of the total nationwide allocation amount, securing about 4 billion won more than the average allocation per city and county.

The province plans to adjust and revise the investment plan according to the finalized allocation amount based on the final evaluation results and submit the final investment plan to the Ministry of the Interior and Safety on the 22nd.

Kim Jin-tae, Governor of Gangwon, stated, "We will make every effort to effectively establish and promote the local extinction response fund project to achieve early results, and based on that, we plan to proactively respond to the basic account investment plan evaluation ('24~'25) one year later."