Jeollanam-do Draws Up 13.857 Trillion Won Supplementary Budget Focused on High Oil Prices and Livelihoods

Increased by 474.4 Billion Won from the Original Budget
2.855 Trillion Won Allocated for High Oil Price Damage Support
Budget Includes Funding for the Launch of the Jeonnam-Gwangju Integrated Special City

In response to prolonged high oil prices and a downturn in the local economy, Jeollanam-do has drawn up its second supplementary budget for this year, totaling 13.857 trillion won. This represents an increase of 474.4 billion won (3.5%) compared to the original budget of 13.3826 trillion won.

On May 28, Jeollanam-do announced that it had submitted the 2026 second supplementary budget proposal to the Jeollanam-do Provincial Assembly, focusing on local economic recovery, measures against population decline, strengthening the competitiveness of agriculture and fisheries, and preparations for the launch of the Jeonnam-Gwangju Integrated Special City.

The supplementary budget proposal will undergo review by the Assembly's standing committees and the Special Budget and Accounts Committee, and is scheduled for final approval in June.

The largest portion of this supplementary budget is allocated to measures addressing high oil prices.

Jeonnam Provincial Office Building View

To ease the financial burden on residents, Jeollanam-do has newly allocated 285.5 billion won for "high oil price damage support funds." In addition, 930 million won has been included as a price-linked subsidy for tax-free fuel for fisheries operators who fall outside the scope of government support.

The budget also includes allocations to strengthen local industry competitiveness. Funding for the regional industry-tailored job creation support project has been increased to 11.2 billion won, the regional industry crisis response support project to 500 million won, and the regional innovation leading enterprise development (R&D) project to 1.1 billion won. A new 300 million won bootcamp project for nurturing talent in advanced industries has also been added.

In the agriculture and fisheries sector, new allocations include 4.9 billion won for the open-field smart agriculture promotion support project, 2 billion won for the establishment of the National Agricultural AX Platform, and 1.4 billion won for the strategic oyster product development support project in clean fishing grounds. The eco-friendly fisheries direct payment system for supporting eco-friendly aquatic product production has been increased to 17.1 billion won, and 9.4 billion won has been added for farmland utilization surveys.

Budgets to address population decline and low birth rates have also been strengthened. The rural basic income pilot project has been allocated 32.3 billion won, the Jeonnam-style "Ten-Thousand-Won Housing" project 8.5 billion won, and the generation-integrated community center development project 1.1 billion won. Additional funds have also been allocated for youth and immigrant foreigner support, as well as postpartum care and nighttime childcare projects.

A total of 3.8 billion won has been set aside for projects related to the Jeonnam-Gwangju Integrated Special City, which is scheduled to launch on July 1. This includes 930 million won for building an official website, 830 million won for improving government office facilities, 390 million won for road safety facility maintenance, and 170 million won for CI and other symbolic item development services.

In the culture and tourism sector, the budget includes support for the successful hosting of the 2026 Yeosu World Islands Expo and the forest garden creation project. To revitalize the local construction industry, the SOC budget has also been expanded, with 19.4 billion won for provincial road maintenance and 6.4 billion won for natural disaster recovery projects.

Hwang Kiyun, Vice Governor for Administrative Affairs of Jeollanam-do, stated, "This supplementary budget focuses on restoring the livelihoods of residents and stabilizing their lives amid the prolonged Middle East conflict," adding, "We will create changes that residents can feel and support the stable launch of the Jeonnam-Gwangju Integrated Special City."

This content was produced with the assistance of AI translation services.