Up to 16 trillion won will be invested in the "30 trillion tax revenue funk"...Mobilization of external evaluation and housing funds

The government has decided to invest up to 16 trillion won in extra funds, including the Foreign Exchange Equity Fund and the Housing and Urban Fund, to make up for the 30 trillion won in tax revenue shortfall this year.

It also decided to respond by reducing local financial resources and not using the usual budget without issuing government bonds.

The Ministry of Strategy and Finance reported fiscal countermeasures following the re-estimation of tax revenues in 2024 during a comprehensive parliamentary audit of the Strategy and Finance Committee held at the National Assembly today.

Funds and special accounts to be invested in response to this year's tax revenue shortage of 29.6 trillion won are worth 14 trillion won to 16 trillion won.

The public fund management fund is worth 4 trillion won, the foreign exchange equilibrium fund is worth 4 to 6 trillion won, the housing city fund is worth 2 to 3 trillion won, and the state-owned property management fund is worth 300 billion won.

Local grant taxes and grants will be reduced by withholding execution of about 6.5 trillion won.

According to the re-estimation of tax revenue, local grant taxes and grants will be reduced by 9.7 trillion won due to the decrease in domestic taxes, of which 3.2 trillion won will be paid.

The scale of disuse without executing the finances is 7 to 9 trillion won.

According to the response plan, if up to 16 trillion won is used for fiscal expenditure, the government's management fiscal balance, which shows the actual livelihood of the government, will inevitably deteriorate.

In addition, local government opposition is expected to follow as concerns about weakening the foreign exchange breakwater due to the second year's return of foreign exchange funds and local financial cuts become a reality.