The Ministry of the Interior and Safety has established a 'local economic situation board' to continuously monitor the economic conditions of local governments across the country. The ministry announced on the 17th that it has opened a 'crisis local economic situation room' in cooperation with local governments.
The situation room will be responsible for analyzing the economic conditions of each local government. It plans to manage the execution of local government finance, local prices, and the possible inclusion of state supplementary budget projects for recovery support funds through the local economic situation board.
The head of the Ministry of the Interior and Safety's local government finance and economy office will serve as the head of the situation room, with local government finance teams, local government tax teams, and regional economy teams managing the room together. Local governments will also establish 'provincial situation rooms' with the chief officials of each city and province as the heads.
Acting Minister of the Interior and Safety Ko Gi-dong said, "In the face of ongoing difficulties in the people's economy due to slowing domestic demand and high prices, all possible means must be mobilized as quickly as possible to restore livelihoods," adding that he would work closely with local governments to frequently assess the local economic situation to avoid missing any signals from the field.