South Korea plans to conduct a feasibility test on newly-planned social infrastructure projects promised in President Park Geun-hye's campaign pledges on high financing costs, officials said Wednesday.
President Park proposed a total of 105 promises to regional governments including 90 new social infrastructure projects in her key campaign pledges when she was a candidate for the December presidential election.
They include the construction of bridges, railways and other large-scale infrastructure projects outside of metropolitan areas.
But the government is mulling downsizing or revising the proposed new projects after analyzing their costs and benefits to gauge whether those projects are in line with public interests. Lawmakers and provincial governments are opposed to the government's move.
"It is a basic principle that the government will make efforts to do its part to keep those campaign pledges," said an official at the finance ministry.
"But as for new projects, the government is considering putting them to a feasibility test, which might lead to possible revisions on the projects."
South Korea is expected to need 124 trillion won ($109 billion) to fulfill all campaign pledges that President Park made to regional governments, according to the finance ministry's report to lawmakers.
Of the total, 84 trillion won will be required to launch the new projects, while the remainder will be needed to continue ongoing projects, the ministry said.
The estimate came as the government unveiled a detailed plan in May over how to finance about 135 trillion won to carry out President Park's major campaign pledges over the next five years. (Yonhap News)
