Govt executes 'biggest ever' 330 billion finances on New Year's Day to stimulate economy

In response to a prolonged slump in domestic demand and worsening economic sentiment, the government has launched its biggest fiscal execution ever since New Year's Day.

The Ministry of Strategy and Finance announced that it will discover and execute KRW 330.6 billion of public welfare projects on the first day of the fiscal year to support public welfare and economic recovery.

It is about 2.5 times the size of last year and is the largest ever in terms of execution on New Year's Day.

The first execution project is 11 including 50 billion won in Onnuri gift certificate business, which is directly linked to small business sales.

It also included 20 billion won in temporary monthly rent support for young people to support the vulnerable and young and old people, 15.5 billion won in social activities for senior citizens, and 5 billion won in deposit return guarantee support.

A government official said on New Year's Day that, in addition to the fast fiscal execution, the government will push for an unprecedented speed of execution, focusing on public livelihoods and economic stimulus projects, starting in the first quarter of this year.