Financial Services Commission Confirms Next Year's Budget at 4.003 Trillion Won... Support for Low-Income Finance and Corporate Innovation

The budget under the jurisdiction of the Financial Services Commission for next year has been finalized at 4.003 trillion KRW, with the expenditure plan for the funds under its jurisdiction set at 33.9815 trillion KRW.

On the 21st, the Financial Services Commission announced that the 2024 expenditure budget and the expenditure plan for the funds under its jurisdiction have been finalized.

This budget includes financial support for low-income and vulnerable groups as well as support for corporate innovation and restructuring. First, a budget of 146 billion KRW has been secured for contributions to the Korea Inclusive Finance Agency to provide 'Hetsal Loan 15' and 'Special Guarantee for Lowest Credit Borrowers' to vulnerable groups who have difficulty accessing formal financial services. Additionally, 1.255 billion KRW will be invested in the free debtor representative support project.

To foster innovative industries and enterprises, 240 billion KRW has been secured to establish an Innovation Growth Fund worth 3 trillion KRW. To respond to the demand for corporate restructuring funds, a 'Corporate Structural Innovation Fund' will be created based on 50 billion KRW contributed by the Korea Asset Management Corporation and other sources.

For the operation of the 'Youth Leap Account' to support youth asset formation, a contribution budget of 370 billion KRW will be allocated to the Korea Inclusive Finance Agency.

The Financial Services Commission stated, "We will faithfully execute the finalized budget to secure future growth engines such as financial support for low-income and vulnerable groups, support for corporate innovation and restructuring, youth asset formation, and revitalization of the regional economy."