Gwangju City Accelerates Revitalization of Local Economy... Swift Execution of 4.2 Trillion Won in First Half of the Year

Administrative Deputy Mayor-led Inspection Meeting... Discussion on Measures to Improve Facility Expense Execution Rate

Gwangju City is taking swift execution measures to revive the weakened local economy. The city is determined to play a catalytic role by promptly releasing local finances to create a virtuous cycle of regional economic revitalization.

Gwangju Metropolitan City (Mayor Kang Gi-jeong) held a ‘Rapid Execution Inspection Meeting’ for regional economic revitalization on the afternoon of the 13th, chaired by Deputy Mayor Ko Gwang-wan.

Gwangju City Accelerates Revitalization of Local Economy... Swift Execution of 4.2 Trillion Won in First Half of the Year

At this meeting, they discussed the progress of rapid execution for the first quarter of 2024 and the reasons and countermeasures for underperforming projects by each department.

Out of the total fiscal execution amount of 6.6075 trillion KRW for this year, the rapid execution target for the first half is 64.5%, or 4.2618 trillion KRW. Gwangju plans to execute 33.6% in the first quarter and 30.9% in the second quarter.

Gwangju City has committed to thoroughly managing project execution to ensure that the originally planned execution amounts are spent on time. They will frequently inspect and manage the fiscal execution status and focus on closely monitoring facility-related projects with significant regional economic ripple effects to fully achieve the targets.

In particular, to increase the execution rate, Gwangju plans to continuously manage the progress rate of each project and actively utilize the Ministry of the Interior and Safety’s temporary special measures for rapid execution, such as simplifying private contract procedures, advance and progress payments, pre-purchasing materials, and advance payment of rental fees.

Deputy Mayor Ko Gwang-wan said, “The role of public sector finances as a catalyst for regional economic recovery is more important than ever,” and added, “I hope everyone will do their best to revitalize the local economy through rapid execution.”