The government is accelerating its financial execution efforts to meet its budget goals for the first half of the year. The rapid execution in the public sector has surpassed 348 trillion won, and support payments for those affected by high oil prices have reached a total of 5.7 trillion won for 32.38 million recipients.
On June 12, Im Gi-geun, Vice Minister of the Ministry of Economy and Finance, chaired the 11th joint financial execution review meeting at the Government Sejong Center, where he assessed the status of rapid execution of the main budget and supplementary budget for the first half of the year.
As of June 5, the rapid execution in the public sector (including finance, public institutions, and private investment) was recorded at 348.4 trillion won, achieving an execution rate of 53.0%. This marks an increase of 16.8 trillion won compared to the same period last year. Among the key projects under close management, 22.2 trillion won out of a total of 34.5 trillion won has been executed, with an execution rate of 64.4%, on track to meet the first-half target of 70%.
For the supplementary budget, 7.4 trillion won has been executed out of a management target of 10.5 trillion won, resulting in an execution rate of 71%. The government is enhancing execution management across departments to ensure that the effects of supplementary budget projects, including those addressing high oil prices, are realized promptly.
By the end of May, 4.7 trillion won had been disbursed from the national budget of 4.8 trillion won for the high oil price support program, achieving a remarkable execution rate of 99%. As of May 28, a total of 32.38 million applicants had been recorded, with total payments, including local funding, amounting to 5.7 trillion won. The government has assessed that this support is contributing to alleviating the burden of high oil prices and revitalizing local economies.
Vice Minister Im stated, "Thanks to the efforts of each department to achieve the first-half execution goals, the overall execution performance is showing a positive trend. I urge everyone to ensure that the execution plans are implemented without any setbacks in the remaining period." He added, "We must not only focus on increasing the execution rate but also ensure that the effects of financial support are felt in the lives of the people by continuously monitoring project-specific challenges and resolving procedural bottlenecks."
* This article has been translated by AI.
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