Haman-gun Secures 13.2 Billion KRW in Local Extinction Response Fund

60 Billion KRW in 2022 · 72 Billion KRW in 2023

Gyeongnam Haman County Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Haman-gun, Gyeongnam Province will receive 13.2 billion KRW from the government as the Local Extinction Response Fund from this year through next year.

The county announced on the 18th that this follows the decision on the distribution amount of the 2022-2023 Local Extinction Response Fund for 122 local governments nationwide by the Ministry of the Interior and Safety and the Korea Local Finance Association on the 16th.

According to the county, the Local Extinction Response Fund is a project in which the government invests finances to enable each region to proactively carry out response projects related to local extinction.

The fund is supported at 1 trillion KRW annually for 10 years, with 25% allocated to metropolitan local governments and 75% to basic local governments. To manage the fund, a fund management association composed of 17 cities and provinces is established, and the Korea Local Finance Association, a specialized institution, is entrusted with its operation.

The fund support covers a total of 122 regions, including 15 metropolitan local governments and 107 basic local governments.

The basic account is classified into population decline areas and interest areas, and the amount of fund distribution is determined differentially through an evaluation of investment plans for fund utilization.

A county official explained that they established a Local Extinction Response Fund investment plan reflecting regional conditions by utilizing geographical advantages such as urban-rural complex areas, including ▲ projects to attract youth and returnees to farming and rural areas ▲ active promotion of local tourism resources and infrastructure development ▲ creation of cultural infrastructure facilities.

As a result of the evaluation for fund distribution, the county secured 6 billion KRW this year and 7.2 billion KRW next year, receiving a total of 13.2 billion KRW in funds.

The official said, “The Local Extinction Response Fund will serve as a foundation for building essential basic infrastructure in our county and act as a catalyst for revitalizing the region,” adding, “We will devote all efforts to promoting detailed projects of the fund once it is distributed at the end of August.”

They added, “We will continue to strive to secure the fund as much as possible to prepare the foundation for the county’s future growth.”