From now on, public projects that are urgent in the project implementation process or related to public safety will be able to apply for preliminary feasibility studies (feasibility studies) on a rolling basis even if it is not the designated application period.
According to the Ministry of Economy and Finance on the 4th, a revised version of the Guidelines on the Operation of Preliminary Feasibility Studies for Projects by Public Corporations and Quasi-governmental Institutions, reflecting improvements to the public-institution feasibility study system, takes effect today.
Under the revision, public institutions will be able to apply for feasibility studies at any time, regardless of timing, for projects that are urgent in the project implementation process and for projects related to public safety, even if it is not the designated application period of January, May, and September.
Previously, rolling applications were allowed only for overseas bid-type projects.
To shorten the duration of feasibility studies, the scope of projects eligible for rolling consultations will also be expanded. Previously limited to new types of projects and projects with few feasibility study precedents, the revision broadens it to include projects that are urgent in the project implementation process.
If project conditions change during a feasibility study and a change in the project plan is needed, there will be no deadline for requesting a plan change. In addition, if conditions unavoidably change during a feasibility study and a public institution must revise its project plan, it will be able to present project alternatives and request a review of those alternatives.
Im Ki-geun, the second vice minister at the Ministry of Economy and Finance (MOEF), said at the 10th Public Institution Steering Committee meeting, which he chaired at Korea Trade Insurance Corporation (K-sure) in Seorin-dong, Seoul, on the 4th, that this is a "preemptive measure to support public institutions in carrying out essential projects in a timely manner," and added, "We will continue to communicate with relevant agencies so the feasibility study system is not seen as a bottleneck or obstacle in the project process but can serve as a stepping stone for project implementation."