First Supplementary Budget 74%, Second 53% Executed... Vice Minister Im: "Timing Is the Core Value"

Joint Fiscal Execution Review Meeting Held
Status of First and Second Supplementary Budget Execution Discussed
"Special Management for Stabilizing Livelihoods and Economic Recovery"

The government has executed 74% of the first supplementary budget for this year as of the end of last month. The second supplementary budget, which began to be used from the previous month, recorded an execution rate of 53.4% over the past month. The government plans to swiftly execute the remaining supplementary budget as well.

Im Gi Geun, Vice Minister of Strategy and Finance, is delivering opening remarks as he presides over the '21st Fiscal Execution Inspection Meeting' held at the Government Seoul Office in Jongno-gu, Seoul, on the afternoon of the 7th. Ministry of Strategy and Finance

On the afternoon of August 7, Im Gi Geun, Second Vice Minister of Strategy and Finance, presided over the 21st Joint Fiscal Execution Review Meeting of relevant ministries at the Government Sejong Complex, where the execution status of the first and second supplementary budgets for this year was discussed. The meeting was attended by the Ministry of the Interior and Safety, the Ministry of Education, the Ministry of Science and ICT, the Ministry of Land, Infrastructure and Transport, and the Ministry of SMEs and Startups, among others.

As of the end of last month, 74% (8.8 trillion won) of the first supplementary budget had been executed, exceeding the target by 4.0 percentage points (400 billion won). Previously, in May, the government had set a goal to execute at least 70% (8.4 trillion won) of the supplementary budget within three months.

Among the items included in the first supplementary budget, the disaster and emergency response funds (600 billion won) related to local government recovery plans were fully disbursed in May. The Small Business Cost Relief Credit Program (1.6 trillion won), aimed at easing fixed cost burdens such as public utility fees for small businesses, began payments last month after the system was established. The Local Love Gift Certificate Program (400 billion won) was disbursed at a rate of 92.5% in June following a demand survey by local governments.

Vice Minister Im requested the relevant ministries to "focus all efforts to ensure that the entire budget is executed within the year so that there are no cases where beneficiaries miss out due to unexecuted funds, even though the review period for the first supplementary budget has ended."

The second supplementary budget was approved by the National Assembly on July 4 and was immediately implemented, with 53.4% (11 trillion won) executed as of the end of that month. The government has set a target to execute more than 85% of the second supplementary budget by the end of September. This is 15 percentage points higher than the target for the first supplementary budget.

Among the second supplementary budget items, the Public Livelihood Recovery Consumption Coupon Program, aimed at stimulating consumption, saw the entire first payment (8.1 trillion won) rapidly disbursed to local governments on July 15 to coincide with the start of payments on July 21. As of the end of last month, 46 million people had applied, and 8.3 trillion won had been paid out.

The Movie Discount Coupon Program, designed to boost cultural consumption, began distributing up to two coupons per person (6,000 won each), totaling 4.5 million coupons, at major multiplex theaters nationwide starting July 25. The High-Efficiency Home Appliance Purchase Cost Rebate Program, which refunds 10% of the purchase price (up to 300,000 won per person), is also being prepared with the goal of launching the application system in mid-August.

Vice Minister Im emphasized, "Timing is the core value of the supplementary budget," and stated, "All ministries must closely monitor the progress of each project." He further requested, "Any difficulties arising during the execution process must be resolved immediately, and please manage the first and second supplementary budgets with particular care so that they can fully serve as a catalyst for stabilizing people's livelihoods and revitalizing the economy."