budget deficit Archives | Be Korea-savvy

Local Governments Log 8.7 tln Won Budget Deficit in 2020 Due to Pandemic Spending

SEOUL, Nov. 9 (Korea Bizwire) — Local governments across South Korea recorded steep budget deficits last year due to increased spending to cope with COVID-19, the interior ministry said Tuesday. According to an analysis by the ministry, the consolidated fiscal balance of 243 local governments for the fiscal year of 2020 recorded a deficit of [...]

350 Aging Police Cars Still in Use as Budget Shortages Delay Replacement

UIJEONGBU, Jun. 16 (Korea Bizwire) — Budget shortages are delaying the replacement of old and deteriorated police cars in Korea. According to a report from the Korean National Police Agency (KNPA), 350 out of the 5,983 police cars in Korea were overage and worn down at the end of 2014. Among the 350 cars, 105 [...]