Busan City, Ministry of the Interior and Safety 'First Half Local Finance Execution Evaluation' Top Institution

Busan City was selected as the best institution in the Ministry of the Interior and Safety's '2023 First Half Local Finance Execution Evaluation' and secured a special grant of 200 million KRW.

Among Busan's basic local governments, Yeonje-gu and Saha-gu were selected as the best institutions, while six institutions including Buk-gu, Dongnae-gu, Geumjeong-gu, Nam-gu, Busanjin-gu, and Suyeong-gu were selected as excellent institutions and will receive special grants.

Busan City Hall.

The first half of this year was a more challenging time for financial execution than any other year due to the complex economic crisis such as high inflation.

In response, the city formed a Rapid Execution Promotion Team and focused all efforts on proactive financial execution by providing customized consulting for projects with sluggish execution or large-scale investment projects.

As a result, the city raised the local finance execution rate for the first half of 2023 to 63.8%, which is 3.3 percentage points (p) higher than the government target rate (60.5%), and executed approximately 9.1 trillion KRW, the highest amount ever for the first half.

Park Hyung-jun, Mayor of Busan, said, “In the second half of the year, we will do our best to stabilize the livelihood economy and revitalize the regional economy through systematic execution management by actively utilizing available resources and minimizing carryover and unused amounts.”