Gangwon Governor Woo Sang-ho Attends Future Response Fund Party-Government Consultation, Calls for Expanded General-Purpose Funds

【Financial News Chuncheon = Kim Gi-seop, reporter】Gangwon State Governor Woo Sang-ho called on the government to expand funds that local governments can use at their discretion in connection with the Future Response Fund it is newly creating. He also urged the government to pursue all fund projects solely with national government funding.
According to Gangwon State on the 29th, Governor Woo attended a Future Response Fund party-government consultative meeting at the National Assembly that day and conveyed the state’s position. The meeting was arranged for the Democratic Party of Korea and the government to share their plans for establishing the fund and hear the views of local governments. Key party and government officials, including party leader Kim Min-seok, floor leader Han Byung-do, Lee Kwang-jae, chairman of the Special Committee on Budget and Accounts, Minister of Planning and Budget Park Hong-keun, and Minister of the Interior and Safety Yun Ho-jung, as well as the heads of 12 metropolitan local governments affiliated with the Democratic Party of Korea, attended the meeting.
The party and government explained their plans for operating the fund next year and reforming the local allocation tax, while the local government heads presented their respective positions and continued the discussion. The Future Response Fund totals 162.3 trillion won, with 52.9 trillion won allocated to four major program accounts: youth, growth engines, local development, and education and talent. The local account amounts to 15.3 trillion won and includes 3.5 trillion won in Local Future Growth Support Grants, newly provided as general-purpose funds, as well as 1.5 trillion won for the Integrated Center for Public Convenience, a competitive public-offering project.
Governor Woo said, "I fully agree with the rationale for creating the Future Response Fund," but urged, "For the 15.3 trillion-won local account to fulfill its role, the 3.5 trillion-won Local Future Growth Support Grant, which local governments can use at their own discretion, must first be expanded, and fund projects must be pursued entirely with national government funding, without any local financial burden." He continued, "Please pay particular attention to ensuring that Gangwon State, whose fiscal situation is not ample, is not left out during future National Assembly budget deliberations."

[email protected] Kim Gi-seop Reporter