The Ministry of the Interior and Safety noted on the 18th that a meeting of the Deputy Minister for Planning and Coordination from 17 cities and provinces was held.
At the meeting, the Ministry of the Interior and Safety, local governments, and regional public institutions decided to actively promote fiscal execution focusing on the consumption and investment sectors by the end of the year.
To this end, plans include holding festivals, events, and year-end departmental meetings scheduled by local governments to stimulate local consumption. Additionally, the plans include making payments for progress payments and completion payments of large-scale investment projects within the year to minimize budget carryover or unused funds.
Furthermore, the Ministry of the Interior and Safety requested the 17 cities and provinces to stagger the timing of local public utility rate hikes. For rates currently undergoing hike procedures, they asked to delay the procedures such as review and decision by the Price Policy Committee. For rates with confirmed hikes, they plan to delay the actual implementation using the reduction system.
Han Soon-ki, head of the local government finance economy office at the Ministry of the Interior and Safety, said, “We will work closely with the local governments to inject some warmth into the frozen ordinary people's economy with a multifaceted approach.”