Gyeonggi Province Accelerates Early Distribution of 310 Billion Won in Special Adjustment Grants

[Suwon Ilbo=Reporter Park Nohun] Gyeonggi Province will accelerate the early distribution of 310 billion won, representing 80% of the 2021 special adjustment grant budget, within the first half of the year to rapidly overcome the COVID-19 economic crisis.

The province unveiled and began implementing a detailed implementation plan for early distribution of 2021 special adjustment grants on the 9th.

This year's special adjustment grants total 392 billion won, consisting of general distribution (332 billion won) and policy competition (60 billion won).

The province plans to distribute 126 billion won each in March and June for general distribution, while conducting policy competition through May.

This measure follows the government's expansionary fiscal spending policy, with the government setting a target of 60% for rapid local finance execution.

The province explained that it decided on early execution not merely to comply with government policy, but to pursue active fiscal spending for economic vitalization within the province.

Accordingly, focusing on the characteristic that special adjustment grants are primarily invested in infrastructure projects, the province decided to implement an early distribution plan of 310 billion won, approximately 80% of the 2021 budget of 392 billion won, within the first half of the year.

Special adjustment grants are funds provided by the provincial governor to cities and counties to address fiscal disparity and ensure balanced service provision.

Since pending projects with infrastructure characteristics such as regional development initiatives in cities and counties are the target, the province expects that early distribution of special adjustment grants will serve as a spark for economic recovery.

A provincial official stated, "Early distribution of special adjustment grants is expected to enable rapid promotion of local pending projects that face budget constraints and stimulate regional economic vitalization," and added, "We will actively implement various policies to contribute to economic recovery."