Ministry of the Interior and Safety to Promote National Treasury Subsidy Projects Worth 122.1 Trillion Won

The Social Welfare Sector Leads with 79.5 Trillion Won

[Asia Economy Reporter Kiho Sung] The Ministry of the Interior and Safety announced on the 2nd that the total amount of national treasury subsidy projects carried out jointly by local governments and the state in 2023 reaches 122.1 trillion KRW.

Looking into the details of the national treasury subsidy projects, the social welfare sector accounts for the largest share at 65.1% (79.5 trillion KRW), followed by the agriculture, forestry, and fisheries sector at 9.4% (11.4 trillion KRW), and the environment sector at 9.3% (11.3 trillion KRW).

Ministry of the Interior and Safety to Promote National Treasury Subsidy Projects Worth 122.1 Trillion Won

[Image source=Yonhap News]

Examining the major increased projects by sector, in the social welfare sector, projects such as livelihood, medical, and housing benefits aimed at strengthening income, employment, and housing safety nets for vulnerable groups, as well as the parent allowance (infant allowance) project promoted as a national agenda to alleviate the economic burden on parents of infants, have been significantly increased.

The Ministry of the Interior and Safety plans to meticulously manage the national treasury subsidy projects by coordinating with related ministries to timely allocate funds so that the central and local governments can execute the 122.1 trillion KRW subsidy projects promptly.

Meanwhile, compared to the recent average annual increase of 7.65% in local budgets over the past four years, the corresponding local expenditure shows a higher growth rate, raising the need to manage it carefully so that the corresponding local expenditure does not become a burden on local finances.

Han Chang-seop, Vice Minister of the Ministry of the Interior and Safety, stated, “We will support local governments to promptly prepare and execute budgets to provide robust and thorough support for socially vulnerable groups, and actively gather local government opinions to coordinate with central ministries to ensure that the local expenditure for national treasury subsidy projects does not become a burden on local finances.”