Deputy Minister Ando Gul▶ Click here for a larger view
The Ministry of Strategy and Finance has decided to carry out expenditure restructuring reflecting the results of this year’s fiscal project evaluation.
On the 1st, the Ministry of Strategy and Finance held a Fiscal Management Strategy Committee presided over by 2nd Vice Minister Ando-Geol Ando to discuss the implementation plan for the financial project evaluation.
As a result of the general evaluation, the government first decided to allocate the bottom 15% of projects with a low level of achievement to the ‘poor’ grade and push for a restructuring of spending for more than 1% of the related budget.
The Ministry of Strategy and Finance estimated that the scale of restructuring would be regarding 1.5 trillion won.
For projects that require intensive performance management, intensive evaluation with the participation of relevant experts is carried out.
While conducting an in-depth evaluation of six business groups that are likely to be similar or overlapping between ministries, it plans to prepare a mid- to long-term investment plan by examining the appropriateness of the scale of support for new core policy projects that are in the stage of expanding investment.
In addition, for subsidized projects worth 18 trillion won, which have expired, the necessity and scale of support will be intensively evaluated.
In addition, the evaluation criteria will be standardized as much as possible for the separate financial project evaluation system implemented by each ministry, and a plan to integrate and link related evaluation systems will be prepared in the future.
Vice Minister Ahn emphasized, “We will effectively promote the financial project performance evaluation so that it is not just an evaluation for evaluation, but a process of substantive restructuring of expenditure and financing for new investment.”
“We plan to review the fiscal investment plan and implementation management plan to implement the new government’s national tasks,” he added.
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