The Ministry of Agriculture, Food and Rural Affairs announced on the 5th that it will expedite the execution of 75% of this year's budget allocated for agricultural-related social overhead capital (SOC) in the first half of the year to revitalize the local economy and recover the construction industry.
The Ministry of Agriculture, Food and Rural Affairs plans to allocate 1.4541 trillion won of the 1.9428 trillion won SOC budget set for this year in the first half. The target execution rate of 75% is an increase of 8 percentage points from last year's first-half execution rate of 67%.
By sector, 571.3 billion won will be allocated for the renovation of irrigation facilities, 363.9 billion won for drainage improvements, and 176.7 billion won for rural water development, among other expenditures. The Ministry of Agriculture, Food and Rural Affairs noted that expediting execution in the first half will not only help stimulate the local economy but may also accelerate disaster prevention effects.
Choi Myung-cheol, the director of food policy at the Ministry of Agriculture, Food and Rural Affairs, said, "Protecting the lives and property of the public from disasters caused by recent climate change is a natural duty of the state," adding, "We will strive to ensure that the maintenance of agricultural production infrastructure is carried out in a timely manner for safe farming and disaster prevention."