KRW 23.7 billion to be invested in Gyeongwon Line restoration project... Unification Ministry budget of KRW 1.2549 trillion approved for next year

[Financial News] The government will invest KRW 23.7 billion in the restoration project for the South Korean section of the Gyeongwon Line, which will resume construction next year for the first time in 11 years.
The Ministry of Unification's budget for next year, approved at the State Council of South Korea on the 1st, was finalized at KRW 1.2549 trillion, including KRW 243.4 billion in the general account and KRW 1.0115 trillion from the Inter-Korean Cooperation Fund. Compared with this year, the general account rose by KRW 1 billion, or 0.4%, and the fund increased by KRW 9.2 billion, or 0.91%.
Of that amount, KRW 23.7 billion was allocated to the Gyeongwon Line restoration project, which the ministry reported to Cheong Wa Dae last month as part of its implementation plan.
The Gyeongwon Line restoration project, funded through the Inter-Korean Cooperation Fund, began in August 2015 but was suspended in May 2016 after North Korea's fourth nuclear test. The ministry plans to restart construction next year and complete it in 2029.
Funding for peace, unification, and democratic citizenship education also saw a sharp increase. The government plans to expand the number of Peace, Unification and Democracy Education Committee members, currently at 4,000 mainly among teachers, to 10,000, and will spend KRW 7.15 billion on strengthening their capabilities and supporting their activities. That is a 138-fold increase from this year's budget of KRW 52 million. The move appears aimed at building public support for the Lee Jae-myung administration's unification policy centered on inter-Korean reconciliation.
KRW 15.6 billion, about 10 times this year's level, was set aside for the opening of the Northeast Asia Peace Archives, which is in its final stages, and for expanding the release of North Korean materials.
By contrast, the budget for the North Korea Human Rights Foundation was cut by 90%. It had once been allocated KRW 11.76 billion in 2017 under the Park Geun-hye administration, but after being sharply reduced under the Moon Jae-in administration, it remained at KRW 475 million for six years before being cut to KRW 50 million in next year's budget proposal. Although the legal basis for the foundation was established in 2016, it has not even launched for 10 years because of disagreements between the ruling and opposition parties. North Korea has protested U.S. and South Korean involvement in human rights issues.
The budget for humanitarian cooperation with North Korea, including support for infants and toddlers, was cut by 15% due to sluggish project performance amid worsening inter-Korean relations. The Ministry of Unification said the reduction was made after the Ministry of Planning and Budget identified the projects as underperforming.


[email protected] Kim Kyung-soo Reporter