24.2 Trillion Won Collected in Contribution Funds Last Year... Up 3.6% Due to Increased Crude Oil Imports and Corporate Lending

85.4% Allocated to Central Government Funds and Special Accounts

The government collected a total of 24.2 trillion won from 90 different contribution funds last year. The amount collected increased by 3.6% compared to the previous year, due to an increase in crude oil imports and an expansion in corporate lending by financial institutions.

Kim Yoonsang, Vice Minister of Strategy and Finance, is delivering opening remarks while presiding over the "1st Contribution Fund Management Committee" held on the 28th at the Seoul Regional Public Procurement Service in Seocho-gu, Seoul. Ministry of Strategy and Finance

On May 28, the government held the "1st Contribution Fund Management Committee" at the Seoul Regional Public Procurement Service in Seocho-gu, Seoul, presided over by Kim Yoonsang, Second Vice Minister of Strategy and Finance, to discuss the previous year's Comprehensive Report on Contribution Fund Management. This report, prepared in accordance with Article 7 of the Basic Act on the Management of Contribution Funds, provides basic information such as the establishment and abolition status of contribution funds, as well as the entities responsible for levying and collecting them. The government plans to submit the report to the National Assembly by the end of this month.

Last year, the government collected a total of 24.2 trillion won from 90 contribution funds. The collection amount increased by 3.6% (800 billion won) compared to the previous year, due to an increase in crude oil imports and an expansion in corporate lending by financial institutions. Of the total collected, 20.7 trillion won (85.4%) was allocated to central government funds and special accounts, 2.7 trillion won (11.1%) to local governments, and 800 billion won (3.5%) to public institutions.

The collected funds will be used in the following areas: ▲ the financial sector, including credit guarantees for small and medium-sized enterprises and support for housing finance (6.7 trillion won); ▲ the industry and energy sector, including the development of the power industry infrastructure and support projects for energy (5.4 trillion won); ▲ the health and medical sector, including projects to promote public health (3.2 trillion won); and ▲ the environment sector, including improvements in air and water quality (2.9 trillion won).

Vice Minister Kim stated, "Contribution funds are used as resources for various public interest projects to improve the convenience of people's lives, but they can also become a burden for citizens and businesses. We will continue our efforts to strengthen the management of these funds going forward."