The government is considering raising the threshold amount for preliminary feasibility studies of social overhead capital (SOC) projects. It also discussed improving the system for integrated public disclosure of financial information and adjusting the legal distribution ratio of lottery funds.
The Ministry of Economy and Finance held the third meeting of the 'Financial Management Normalization Task Force' on September 10, chaired by Deputy Minister Cho Yong-beom, to review the progress of existing tasks and discuss directions for identifying secondary tasks.
The Financial Management Normalization Task Force was launched in May as part of a government-wide 'National Normalization Project.' Its role is to identify and improve unreasonable systems and practices remaining in the financial management process.
During this meeting, candidates for secondary tasks included rationalizing the feasibility study system by raising the threshold amount for SOC projects, integrating public disclosure of financial information centered on users, and improving the legal distribution ratio of lottery funds.
Raising the threshold for SOC feasibility studies could change the scope of projects that require such studies based on financial criteria. The government plans to finalize the secondary normalization tasks after consultations with relevant agencies, including the Office for Government Policy Coordination.
All five existing primary normalization tasks are reportedly being carried out as planned. These tasks include eradicating subsidy fraud, strengthening management of unaccounted and uncollected government subsidies, establishing a public interest reporting fund, normalizing and restoring trust in research and development (R&D) investments, and improving the payment of unclaimed lottery winnings.
Participants agreed to actively pursue legislation to eradicate subsidy fraud and promote reporting of irregularities. They aim to complete amendments to the 'Subsidy Management Act' and the establishment of the 'Public Interest Reporting Fund Act' within the year.
Deputy Minister Cho stated, "The process of normalizing the abnormal is a great opportunity to enhance public trust in the financial authorities," adding, "We will continue to push forward with the normalization of financial management and communicate our commitment to the public until they feel it."
The Ministry of Economy and Finance plans to implement follow-up measures after finalizing the secondary normalization tasks and will review the progress at the fourth meeting scheduled for October. They also plan to disclose the status and outcomes of each task.
* This article has been translated by AI.
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