The government announced plans to execute the largest ever scale of 330.6 billion won for civil livelihood projects on Jan. 2, the first day of the new year. The aim is to support the recovery of the domestic economy and public sentiment amid difficult internal and external conditions.
According to the Ministry of Strategy and Finance, the scale of fiscal execution on the first day of the new year amounts to 330.6 billion won this year, a 151% increase from last year's 131.5 billion won. Fiscal execution on the first day of the new year was 109 billion won in 2020, 108.5 billion won in 2021, 69.3 billion won in 2022, and 75.9 billion won in 2023.
This year's first batch of projects includes 11 initiatives: ◇ Onnuri gift certificates (50 billion won), ◇ medical benefits (50 billion won), ◇ housing benefits support (50 billion won), ◇ deposit return insurance premium support (5 billion won), ◇ tailored national scholarship support (26.5 billion won), ◇ temporary youth rental support (20 billion won), ◇ long-term care insurance for senior citizens (56 billion won), ◇ senior employment and social activity support (15.5 billion won), ◇ senior association support (2.9 billion won), ◇ agricultural and food consumption base creation (30 billion won), and ◇ export vouchers (24.7 billion won).
Among these, the senior employment project, originally scheduled for the end of the month, has been expedited. The execution timing for projects like export voucher issuance has also been advanced. The agricultural and livestock product discount support project has been brought forward by over a month compared to last year, aiming to reduce consumer burdens before the Lunar New Year holiday.
A representative from the Ministry of Strategy and Finance said, the government will push for unprecedented rapid execution speed focusing on civil livelihood and economic stimulation projects from the first quarter, and plans to respond comprehensively to revitalize the domestic economy.