Gwangju Nam-gu to Inject 108,400,000,000 Won to Revive Economy

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Nam-gu, Gwangju Metropolitan City is investing a budget of over 100 billion KRW to serve as a catalyst for revitalizing the local economy.

As the local economy contracts due to rising prices and interest rates, the district plans to swiftly release local finances to establish a virtuous cycle.

Nam-gu announced on the 16th that it plans to spend 108.4 billion KRW by June to revitalize the local economy, create jobs, and stabilize the livelihoods of ordinary citizens.

The total amount of projects targeted for rapid execution this year is 180.7 billion KRW. This corresponds to 27.7% of Nam-gu Office’s annual budget of 652.2 billion KRW, of which 108.4 billion KRW will be spent by June.

Accordingly, Nam-gu plans to promptly execute project funds for 43 items, including various facility costs, service fees, and asset acquisition costs, in accordance with the Ministry of the Interior and Safety standards.

In particular, to enhance the tangible effects of rapid execution in the first half of the year, the district will focus on managing large-scale investment projects over 3 billion KRW and projects over 100 million KRW.

To this end, Nam-gu will regularly manage the progress and execution status of each project, identify execution conditions and causes of delays, and ensure that the project funds are exhausted early.

Additionally, the district will reduce the periods required for various deposit reductions, inspections, and payment of fees, actively utilize the prior notification system when purchasing government-supplied materials, and expand the advance payment range up to 80% of the contract amount.

Furthermore, by balancing budget execution between the first and second halves of the year, Nam-gu plans to eliminate the drawbacks of concentrated execution in the second half, which had been a customary practice, and minimize budget carryovers and unused funds to maximize budget execution efficiency.

A Nam-gu official stated, “As the government is doing its best at the national level to revive the stagnant economy caused by high inflation and high interest rates, we will proceed with rapid execution in line with government policies to help create new jobs and support the ordinary economy.”