Namyangju City Executes 645.8 Billion Won Early in First Half to Revitalize Local Economy

Exceeded the Ministry of the Interior and Safety's Target
Namyangju City Achieves Early Fiscal Execution, Boosting Local Economy

Namyangju City in Gyeonggi Province (Mayor Joo Kwangdeok) announced on July 1 that it had made an early execution of 645.8 billion won in the first half of this year, focusing all efforts on revitalizing the local economy and supporting the recovery of livelihoods.

Joo Kwangdeok, Mayor of Namyangju City. Provided by Namyangju City

This amount exceeds the first-half target set by the Ministry of the Interior and Safety by 118.6 billion won. Previously, the city was also selected as an 'Outstanding Institution for Nationwide Rapid Fiscal Execution' in the first quarter by surpassing its rapid execution target, securing a special grant tax of 40 million won as an incentive.

Rapid fiscal execution is a policy that accelerates the fiscal spending schedule, particularly for projects with significant economic ripple effects such as job creation and SOC (social overhead capital), in order to promote a virtuous cycle in the local economy.

Namyangju City has held a total of nine rapid execution strategy meetings led by the Deputy Mayor, and set its own target rate at 65%, higher than the Ministry of the Interior and Safety's target rate of 54%, thereby accelerating fiscal execution.

Mayor Joo Kwangdeok stated, "Amid the ongoing economic downturn, we have worked to expand public sector fiscal spending to serve as a catalyst for the recovery of livelihoods and revitalization of the local economy," adding, "This achievement is the result of every public official doing their utmost to promote private investment and consumption."

He continued, "In the second half of the year, we will continue to actively execute the budget to minimize carryovers and unused funds, and maintain the virtuous cycle that injects vitality into Namyangju City's local economy."