The government will move to improve fiscal management systems, including raising the threshold amount for preliminary feasibility studies in the social overhead capital (SOC) sector.
The Ministry of Planning and Budget said on the 10th that it held the third meeting of the Task Force (TF) for normalization in fiscal management at the Government Sejong Complex, chaired by Vice Minister Cho Yong-beom, and discussed the second set of normalization tasks as outlined.
The TF for normalization in fiscal management is part of the "national normalization project" being pursued across the government, and since its launch in May this year, it has been identifying and improving unreasonable systems and practices that remain in the fiscal management process.
At this meeting, the following were discussed as second-phase normalization tasks: ▲ integrated disclosure of fiscal information centered on information users ▲ rationalization of the preliminary feasibility study system and raising the threshold amount for SOC preliminary feasibility studies ▲ improvement of the lottery fund's statutory allocation ratio adjustment system.
The Ministry of Planning and Budget explained that all five tasks selected as first-phase normalization tasks are being carried out as planned: ▲ eradicating fraudulent receipt of national subsidies ▲ strengthening management of unsettled and uncollected national subsidies ▲ establishing a public interest whistleblower incentive fund ▲ normalization of research and development (R&D) investment and restoration of trust ▲ improving payment of unclaimed lottery winnings.
In particular, to expedite the establishment of a public interest whistleblower incentive fund to eradicate fraudulent receipt of national subsidies and to encourage reporting of wrongdoing, the plan is to complete within the year the amendment of the Act on the Management of Subsidies and the enactment of the Public Interest Whistleblower Incentive Fund Act.