As Chuseok approaches, the financial execution rate for livelihood and vulnerable group support projects has reached 77.9%. Meanwhile, 71.4% of disaster and safety support projects have been executed. The government is focusing on managing the execution of related projects and on-site responses in preparation for increased travel and natural disasters during the fall.
On September 17, Jo Yong-beom, Vice Minister of the Ministry of Economy and Finance, chaired the 14th joint meeting on financial execution at the Government Sejong Complex, where he reviewed the execution status and future management plans for livelihood and vulnerable group support projects as well as disaster and safety support projects.
On September 1, the government announced the 'Chuseok Livelihood Stabilization Measures' during a Cabinet meeting, focusing on four areas: stabilizing prices of essential goods, alleviating the burden on households, boosting domestic demand, and ensuring public safety. The meeting specifically examined the execution status of projects closely related to the public's livelihood and vulnerable groups in anticipation of increased demand during the Chuseok holiday.
For livelihood stabilization and vulnerable group support projects, 16.6 trillion won has been executed out of a total budget of 21.3 trillion won, resulting in a 77.9% execution rate as of the end of August.
By category, the execution rate for vulnerable group livelihood stabilization projects was the highest at 83.8%. The revitalization projects for small businesses and traditional markets saw an execution rate of 80.4%, while regional economic revitalization projects had a 76.7% execution rate. Although the execution rate for holiday price burden alleviation projects was relatively low at 57.0%, the government plans to ramp up execution in line with the peak demand period for Chuseok.
For disaster and safety support projects, 6.08 trillion won has been executed out of a total budget of 8.48 trillion won, resulting in a 71.4% execution rate. The government aims for a 97.5% execution rate by the end of the year.
In the area of natural disasters, 3.84 trillion won has been executed out of 4.91 trillion won, achieving a 78.2% execution rate. Maintenance of national rivers has seen a 71.1% execution rate, while coastal maintenance has reached 55.5%. In the social disaster and safety sector, 2.21 trillion won has been executed out of 3.56 trillion won, resulting in a 62.0% execution rate. Safety and facility improvements for high-speed rail have achieved an 85.7% execution rate, and the introduction and operation of forest helicopters have reached 75.1%.
The government is preparing for natural disasters such as typhoons and wildfires in the fall, while also ensuring traffic and public safety during the Chuseok holiday. Plans are in place to address execution challenges for key disaster and safety projects closely related to the public's daily life, including maintenance of national rivers, port and coastal maintenance, and railway maintenance, while managing execution status and on-site response systems before and after Chuseok.
Vice Minister Jo stated, "As Chuseok is a peak demand period with significant public movement, it is crucial to manage financial projects closely related to the public's livelihood to ensure that citizens can feel the benefits of these efforts."
He added, "Support for vulnerable groups and alleviating the burden on households must be delivered on time to those in need, and all departments should ensure that there are no gaps in public safety during the holiday period by closely monitoring execution status and on-site challenges."
The Ministry of Economy and Finance plans to continue monitoring the execution status of key livelihood and safety projects through financial execution meetings and strengthen on-site management.
* This article has been translated by AI.
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