South Korea invests 388 trillion won in the first half to boost the economy

The South Korean government plans to spend 388 trillion won (approximately 43 trillion yen) in fiscal spending and public and private investment in the first half of this year. Welfare, employment, social indirect capital (Social
Overhead Capital (SOC), etc., to counter the economic slowdown and soaring prices. On the 18th, Kim Yoon-sang, second vice-minister of the South Korean Ministry of Planning and Finance, reviewed the state of fiscal execution.
``In the first half of the year, it is difficult to get a real sense of economic recovery due to the slump in the construction industry and rising interest rates and prices,'' he said at a meeting to examine the situation. On top of that, he said, ``I hope that economic activity will recover and the lives of the common people will improve.
In the first half of the year, we will implement 350.4 trillion won in fiscal spending, 34.9 trillion won in public sector investment, and 2.7 trillion won in private investment."
In particular, ``110 trillion won worth of projects in the fields of welfare for the vulnerable, employment, and SOC, which are most closely related to people's livelihood, will be expanded by more than 65% in the first half of the year.''
We will implement the measures as soon as possible, reduce the burden on ordinary people and the vulnerable, and revitalize the local economy." This year's budget for the field of welfare for the vulnerable, such as public assistance, is 70 trillion won, and the budget for the field of employment, such as employment for the elderly, is 70 trillion won.
The budget is 14.9 trillion won, and the SOC budget is 24.2 trillion won. The amount executed in each field in the first half is 45.5 trillion won, 10 trillion won, and 15.7 trillion won, respectively.
It is Won. In addition, the Korean government will provide financial support incentives worth 30 billion won to local governments with excellent executive management through the financial resources of the Regional Balanced Development Special Account. Upper half
This is to encourage early execution of the fiscal year. Central ministries and agencies will also take into account the performance of budgets in the first half of the year when formulating their ``basic expense budget.''
The Korean government will hold a fiscal execution review meeting every week during the first quarter, led by the second vice minister of the Ministry of Finance.
The plan is to hold meetings and strengthen executive management in cooperation with various ministries and public institutions.